Define the market for your chosen product, including an analysis of its competitors, and customers.Any issues or opportunities your organization faces that affect its competitiveness and long-term profitability with regards to your product:

Need help with a couple questions regarding economics. Please put this in proper APA formatwith at least 1 peer reviewed source, 400 words or more.See below for details, and the two questions I need help with.

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Imagine you are part of a strategic planning group at a large corporation that is considering developing a new proposed product. The marketing director has asked your team to do a competitive market analysis to determine the product’s potential success. The analysis will focus on your primary competitor in the product’s market. (The product is the Aerial Drone)

Define the market for your chosen product, including an analysis of its competitors, and customers.Any issues or opportunities your organization faces that affect its competitiveness and long-term profitability with regards to your product: This may include but is not limited to the following elements:

• Price elasticity of demand
• Technological innovation
• The relationship between the amount of labor & capital employed and the law of diminishing marginal productivity
• Cost structure