Analysis should include
- defining potential market segments
- assessing the market segments, based on demographic data
- ranking demographic elements
- forecasting opportunity based on number of customers and revenue potential
- estimating the market share (i.e., competition).
Process/Skill Questions:
Thinking
- How might demographics influence marketing strategy?
- Why is it important to identify potential market segments within a specific industry?
Communication
- Why is it important to identify the needs of a particular demographic area?
- What might be inferred about a market from a demographic survey?
Leadership
- How can leadership consider other perspectives on the potential of a market?
- Why is it important to encourage cooperation with a potential market population?
Management
- How does management evaluate a potential market segment?
- How can surveys inform community values?