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6 pages/β‰ˆ1650 words
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Business & Marketing
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Term Paper
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English (U.S.)
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RE 383-201: Microeconomics. Develop a START-UP manual using Microeconomic concepts and theories

Term Paper Instructions:

1. Length: 1700 - 2200 words – typed – double spaced.
2. Choose a business with a maximum of $50,000 outlay (for one fiscal year) on your part.
3. Develop a START-UP manual for the above business applying MICROECONOMIC concepts and theories.
4. Follow the Outline below:
I. Industry or Business Description
A) Introductory description of your business: describe the product/service being supplied by your business, identify and describe your customers, identify and describe your competitors, explain your source of financing. Provide some statistical characteristics (if applicable) – in no particular order.
B) Type of Business Organization (sole proprietorship if you are working alone or partnership if you are working with a partner in class): list the advantages & disadvantages of the type of business organization chosen; explain your choice of business organization.
C) Factors Requirement: list ALL the inputs that you will require for the production of your product. Classify them as either fixed costs (inputs) or variable costs (inputs).
D) Classify the market structure that your business belongs in. Justify your classification: ease of entry, government regulations, capital requirements, number of firms (competitors), homogeneity or lack of homogeneity of the products supplied in the market, etc.
(See Next Page) 
II. Economic Applications
1. Market Analysis:
Use Supply and Demand determinants to explain current trends and predict future trends of the market. Are these trends positive or negative for your business? What can you say about the elasticity in this market and how it relates to your business?
2. Differentiation:
Differentiation creates market power. How do you intend to differentiate your product from the competition (ex: additional services, location, management, marketing, etc.)
3. Pricing Strategy:
Explain your pricing strategy in the context of elasticity, costs of production, and competition (or market structure).
4. Projections of Return (for one year) – Profit and Loss Statement:
Tabulate the following variables for each month of the year: Profits (expected), Total Revenue (expected), Total Costs (projected).
Tabulate the following variables for the year: Profits (total), Total Revenue (total), Total Costs (total), Average Cost, Profit per unit.
Explain the values reported. Explain any seasonal variations in the variables, if applicable.

Term Paper Sample Content Preview:

Business Start-up Manual: Outlook Fitness
Fitness Center
Name
Institutional Affiliation
* Business Description
‘Outlook Fitness’ is an all-inclusive fitness center that offers services like gym, health clubs and social & charity events promoting fitness. The fitness club will be located in Manhattan in New York. Its services are centralized to suit young adults with the main focus being the high student population in the lower part of the city. The facility will be a new hub for services like sports, gym programs, and entertainment integration as well as lifestyle promotions.
Manhattan is the most densely populated county in the US making it very viable for business compared to other districts in New York. This is the comparative population according to data published on current population estimates in 2018.
City

Population

Per capita income (US$)

Density / sq. km

The Bronx

1,471,1601q23

19,570

13,231

Brooklyn

2,648,471

23,900

14,649

Manhattan

1,664,727

378,250

27,828

The comparatively higher per capita income and density makes it more attractive for business.
Universities like Columbia, New York, Pace, Yeshiva among others are the main reasons for the high student population in the area. According to data published by the United States Census Bureau, the city has a very comprehensive racial composition with the whites making up most of the populations with 64.5% against 35.5% for the other races.
Manhattan has a vibrant and dynamic health and fitness programs. Most of the facilities are closed by 9 PM which makes a 24-hour service attractive for product differentiation. Diversified services like sports and health programs are common with the facilities. Manhattan Plaza Health Club, 927 May Center for health, fitness and sport and Mercedes Club are some of the popular fitness centers in the area offering extra services. The Manhattan Health Club combines the gym with swimming and tennis. Success Fitness offers lifestyle programs according to their website. Campus fitness programs also claim most of the student population in the district.
Type of business organization
Establishing a business can be a tedious process because of the decision making involved. Starting and managing a sole proprietorship will ensure effective management and decision making power for the gym facility. Starting a sole proprietorship is easier than which makes the establishment more feasible especially concerning licensing matters. Finding a partner who is interested in starting a fitness facility in Manhattan would also require a lot of research which made the choice for a sole proprietorship more attractive. AllBusiness.com cited that the commonality of sole proprietorships in the US was because of the few bureaucratic requirements for the set up.
The prospective of changing the set up of the business to a partnership or corporate in order to attract external investors is easier which makes starting solo and building on the legal change due to liability factors as a business grows makes a proprietorship better than the other set ups because of adaptability. Despite the sole benef...
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