Reference no: EM133501758

Assignment:

Scanning the marketing environment is an essential activity for marketing managers who want understand (and anticipate) uncontrollable factors that can affect a brand. Marketers use that knowledge to make better marketing decisions more often. Assessing a product or service market is a core activity of an environmental scan. Markets are composed of consumers and producers (and their brands) who are involved in the creation/delivery/purchase/use of a specific product (tangible or intangible). At their core, markets are defined by geography and time.

Here is an example: the market for graduate-level business courses offered by Connecticut-based institutions of higher education during 2023. Ideally, markets are further defined by their size (e.g., volume (units), revenue (i.e., sales)), growth rate, and customer count. For (a fictitious) example, the widget market in Connecticut in 2023 might be estimated at: 1,000,000 units valued at $30,000,000, growing at 5% versus 2022, sold to a base of 2,000 B2B purchasers.

1. Choose a market of interest to you.
2. Find a summary of that market. Include a brief citation or a link to your source(s).
3. Briefly summarize the market. At minimum, strive for a market size measure (units and/or revenue) and a growth rate. Your summary can be based on historical data, forecasted data, or a blend of both. Sources such as Statista often provide a mix of historical and forecasted data.
4. In one paragraph or less, briefly summarize your findings. In your summary, assign a score of 1 to 10 for your chosen market, where 1 is "a terrible market for a competing brand" and 10 is "a terrific market for a competing brand." Feel free to apply any PESTLE insights related to the market in your summary.