Market Demand and Potential
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Market Demand and Potential Paper
Introduction
In order to stay competitive in today's market, every company must be able to answer two very important questions about the market. What is my current market demand and what is my future market potential? According to Kotler, "market demand for a product is the total volume that would be bought by a defined customer group in a defined geographical area in a defined time period in a defined marketing environment under a defined marketing program" (2000, p. 184). Market potential is "the limit approached by market demand as industry marketing expenditures approach infinity for a given market environment" (Kotler, 2000, p. 187). With this in mind, market demand is immediately measurable based on current trends and analysis while market potential takes some forecasting techniques.
In this paper, I will estimate the market demand and potential of digital cameras in a defined geographic market. The study focuses on Canon - a large digital camera company with the market defined in Louisville the largest city in Kentucky. The paper begins with a brief product description followed by methodology and an estimate of market demand and market potential...