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Gathering Information in Marketing - Term Paper Example

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Gathering Information in Marketing

The macro trend analysis involves an understanding of the market environment in six areas and these include the demographic environment, socio-cultural, technological, natural, economic and regulatory. Information from this analysis will show the big picture of the market and what to expect when moving in such a market (BPP, 2010, p. 55). After a careful analysis of the market it is important to consider the industry in which the organization is located and this is important in order to know its attractiveness. Porters five forces model is one of the most used models in examining an industry attractiveness. It begins with an analysis of rivalry among the present competitors, and then examines the threat of new entrants, the bargaining power of suppliers, the bargaining power of buyers and the threat of substitute products. All this provide relevant information concerning the industry an organization is thinking of venturing into. After understanding the market and the industry it is important to estimate the market demand and market growth (BPP, 2010, pp. 55-60). Market demand therefore represents what all of the buyers within a market are willing and able to buy at alternative prices during a given time period, holding all demand determinants constant. This is affected by many factors which include: individual preferences and tastes, buyer expectations, income, complementary goods and substitute goods (Mullins & Walker, 2010, p.70). Three techniques have been put forward for estimating market demand and these include consumer surveys, consumer focus groups and market experiments. Market growth on the other hand can be estimated by examining historical records and extrapolating the results into the future (McGuigan, Moyer, & Harris, 2011). Memorandum Sanitex has continued with its presence in west London commanding a big proportion of the market. With its continued presence in the market it is continuing to expand and may just cover the whole of London. The estimated market size of Sanitex can be seen as small because of the limited number of potential customers that use pest control products. The diversification of the company’s product portfolio into other areas such as carpet cleaning and distribution of sanitary products should increase the market size. It is difficult to estimate the size of the company’s market but the following sources could be used by Sanitex to find out the approximate size of its market. These sources include: customer surveys, government data such as census data and trade associations. The current demand for Sanitex products is still low and this is because of the following reasons: first is because Sanitex is still not known and therefore the existence of strong competitors reduces the demand of Sanitex products. Secondly is the one product that has been on their portfolio. The company has tried to publicise itself making it known to the greater London and therefore the demand of their products is likely to increase because of the increased market size. The improved product portfolio will also work to their advantage as it will increase demand because of the uniqueness of their services. Customer Satisfaction Organizations find it difficult to manage customer’s satisfaction efficiently. There are many tools that are employed in measuring customer satisfaction and each method has to be defined appropriately in order to meet desired norms. There are two primary ways of measuring custome ...Show more

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Gathering Information in Marketing (Name) (University) (Course) (Tutor) (Date) Understanding potential markets, demand and growth A market represents a specific population within a big population that may be interested in buying or using a product or service…
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