This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Measuring and Forecasting Demand Defining the Market Market – the set of all actual and potential buyers of a product or service. Industry – a group of firms that offer a product or class of products that are close substitutes for each other. A market is a set of buyers, and an industry is the set of sellers. Potential buyers for a product or service have four characteristics:- Interest- Income- Access- Qualifications Measuring Current Market Demand- Marketers will want to estimate three different aspects of current market demand: o Total market demand o Area market demand o Actual sales and market shares Estimating Total Market Demand- The total market demand for a product or service is the total volume that would be bought by a defined consumer group in a defined geographic area in a defined time period in a defined marketing environment under a defined level and mix of industry marketing effort.under a defined level and mix of industry marketing effort....
View Full Document
- Spring '02
- total market demand