W2A BUS620

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 toidentifypolitical, economic, social, technological, environmental, and legal factors that currently affect the industry, allowing its users to forecast future industry conditions (Ihsan, 2012; Kaplan & Norton, 2008).  The industry forecasts generated through the use of a PESTEL analysis can aid marketing professionals in developing successful marketing strategies and identifying strengths, weaknesses, and growth opportunities to retain or expand its market share and boost its bottom line(Finch, 2012). 
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