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.Select a potential competitive organization and a product in that organization.Write a -word paper analyzing the current market conditions. Address the following topics:A short history of the organization and a description of their productFactors that affect demand, supply, and equilibrium prices in the market in which the competitor organization operates: Define the market for your chosen product, including an analysis of its competitors, potential customers, or potential buyers.Any issues or opportunities your organization or industry 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 demandTechnological innovationThe relationship between the amount of labor & capital employed and the law of diminishing marginal productivityCost structureFactors affecting variable costs, including productivity and others that change the supply of and demand for laborFactors affecting fixed costsMake recommendations on how your organization can maximize their profit-making potential, and successfully compete in the new market. Consider the effect your recommendations may have on marginal revenues and costsWrite 200-250 WORDS MAKING THE RECOMMENDATION FOR THE POINT IN BOLD- OTHER PORTION ON IS ONLY FOR YOUR REFERENCE Organization is Walmart and the NEW product is Liquor as they currently does not sell it .