Industry Forecasting

Jessica Shrewsbury

BUS620 Managerial Marketing

Dr. Little

August 4, 2014

Industry Forecasting

Identifying forces that positively and negatively affect an industry is a crucial aspect of marketing. Effective marketing professionals should address these issues in an effort to take advantage of any opportunities for growth or improvement, keeping ahead of competitors. Failure to do so may lead to a reduction in a firm's customer base and, eventually, its market share if the firm loses too many customers to competing businesses. The PESTEL analysis is a powerful tool to identify political, economic, social, technological, environmental, and legal factors that currently affect the industry, allowing its users to forecast future industry conditions (Ihsan, 2012;...