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Chapter 4

BUSI 4220U Chapter 4: BUSI4220U - Chapter 4

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BUSI 4220U
Salma Karray

Markets and industries: whats the difference? We define a market as being composed of individuals or organizations who are interested in and willing to buy a good or service to obtain benefits that will satisfy a particular want or need and have the resources to engage in such a transaction An industry is a group of firms that offer a product or class of products that are similar and are close substitutes for one another Assessing market and industry attractiveness At the micro level, the analyses look not at the market or industry overall but at individuals in that market or industry, that is, specific target customers and companies themselves, respectively Macro trend analysis: a framework for assessing market attractiveness, macro level Assessing market attractiveness requires that important macroenvironmental trends or macro trends for short be noticed and understood The demographic environment o Demography is destiny. All kinds of things are governed to a significant extent by demographic changes o Aging o Aids o Growing middle class o Increased immigration The sociocultural environment o Sociocultural trends can take a generation or more to have significant impact. Within this broadly stable pattern, however, sociocultural trends can and do exert powerful effects o Corporate social responsibility o Fitness and nutrition The economic environment o The worlds wealth is moving inexorably eastward and south, to the rapidly growing markets of Asia and Latin America, including the BRIC countries and others o Marketers everywhere must face the fact that the socalled emerging markets are no longer just seen as sources of lowcost commodities and labor o In purchasingpowerparity terms, three of the worlds four biggest economies (China, Japan, and India) are already in Asia, and more than half of global GDP growth over the past decade has come from Asia The regulatory environment
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