Checkpoint #1: BUS 180, Principles of Economics The checkpoint for BUS 180, the Principles of Economics course, is part of a series of assignments designed to enhance students’ knowledge and skills in achieving the goals and learning outcomes of the undergraduate program of the College of Business and Management. The specific objective of the checkpoint assignment for BUS 180 is to enhance students’ knowledge and skills in evaluating and assessing the market structure for a startup business that they will develop. This exercise will provide the students with the opportunity of integration and implementation of theory to practice in developing the structural foundation of a startup business. This assignment, like the other critical assignments, is an integral part of the assessment plan for the College of Business and Management in measuring students’ success in achieving the overall intended students’ learning outcomes. In BUS 180, each student will experience creating a start- up business to produce a specific product (a good or service). A three to five (3-5) page written research paper on the start- up business, the product and the market structure of the industry is required. The paper needs to present sections on the product information, this may be a good (tangible product) or a service (intangible product); and the initial and potential scope of the market in which the product will be supplied. In addition, the written paper should have sections on the degree of the existing competition and the characteristics of the rival producers/organizations; the characteristics of the buyers and the potential demand for the product; and the strategy of the start- up business for pricing with regards to elasticity, production and maintaining its competitive advantage. Finally, a critical analysis of the findings and conclusion and the implications for the start-up business need to be addressed in the paper. The specific components of the proposed start up business should include: Product description Scope of the market Market Structure Degree of competition, availability of substitute and barriers to entry Potential demand Elasticity Industry Trends The written plan should specifically address the following: Product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. Various barriers to entry to the market in which the proposed business will compete. Demand and buyers of the proposed product. Price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. Use the Internet and research the current performance and the future forecast for the industry that your proposed business belongs. The written paper is to be typed double–spaced, 1’ margins, Times New Roman and 12-point font, with correct spelling and grammar, proper citation, references, with a cover page and organized with headings. The instructor’s approval of the topic is required. Student Learning Outcomes: Students will be able to: Specifically identify product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. (SLO 3.1, SLO 3.2) Recognize and evaluate the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. (SLO 3.4, SLO 12.4) Identify the various barriers to entry to the market in which the proposed business will compete. (SLO 3.4) Evaluate and specify the potential demand and buyers of the proposed product. (SLO 3.3, SLO 12.4) Identify the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. (SLO 3.1) Use the Internet and research the current performance and the future forecast for the industry that your proposed business belongs. (SLO 3.1, SLO 12.3, SLO 12.4) Demonstrate proficient writing skills. (SLO 12.6) Rubric for BUS 180 Checkpoint Assignment Learning Outcomes Excellent Above Average Average Below Average Unacceptable Specifically identify the product and the initial and future scope of the market (local, national, international/ global) that the proposed business intends to serve. (SLO 3.1, SLO 3.2) Summary thoroughly describes the product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Summary describes the product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Summary demonstrated some insight into the product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Summary demonstrates minimal description of the product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Summary does not demonstrate description of product and the initial and future scope of the market (local, national, international/global) that the proposed business intends to serve. Recognize and evaluate the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. (SLO 3.4, SLO 12.4) Identify the various barriers to entry to the market structure in which the proposed business will compete. (SLO 3.4) Summary demonstrates significant insight into the various barriers to entry to the market structure in which the proposed business will compete. Summary demonstrates insight into the various barriers to entry to the market structure in which the proposed business will compete. Summary demonstrates some insight into the various barriers to entry to the market structure in which the proposed business will compete. Summary demonstrates minimal insight into the various barriers to entry to the market structure in which the proposed business will compete. Summary does not demonstrate the various barriers to entry to the market structure in which the proposed business will compete. Evaluate and specify the potential demand and buyers of the proposed product. (SLO 3.3, SLO 12.4) Identify the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. (SLO 3.1) Use the Internet and research the current performance and the future forecast for the industry that your proposed business belongs. (SLO 3.1, SLO 12.3, SLO 12.4) Research and evaluation of the current and future industry trend for the proposed business demonstrates significant insight. Research and evaluation of the current and future industry trend for the proposed business demonstrates insight. Research and evaluation of the current and future industry trend for the proposed business is adequate. Research and evaluation of the current and future industry trend for the proposed business is minimal. Research and evaluation of the current and future industry trend for the proposed business is inadequate. Demonstrate proficient writing skills (SLO 12.6) Writing skills are at high level with almost no errors. Writing skills are good with a few errors. Writing skills are adequate with many errors. Writing skills overall are below average. Writing skills are poor with remediation required. Summary represents comprehensive information on the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. Summary represents information on the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. Summary represents some information on the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business is adequate. Demonstration of knowledge of the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business is inadequate. Summary does not represent information on the degree of price, income and cross elasticity of demand for the proposed product and their influence on the various pricing and production strategies of the proposed business. Evaluation and specification of potential demand and buyers of the proposed product demonstrates significant insight. Evaluation and specification of potential demand and buyers of the proposed product demonstrates insight.Evaluation and specification of potential demand and buyers of the proposed product demonstrates some insight. Evaluation and specification of potential demand and buyers of the proposed product demonstrates minimal insight. Evaluation and Summary thoroughly describes the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. Summary describes the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product Summary demonstrated some insight into the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. Summary demonstrates minimal description of the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product. Summary does not demonstrate minimal description of the market structure, degree of competition and the availability of substitutes initially and in the future, locally and globally for the proposed product.