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Gathering Information in Marketing
Pages 4 (1004 words)
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.
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. ...
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