... future market demand are needed to make decisions concerning production and marketing effort. 1. We define the market as the set of actual and potential consumers of a product or service. A market is the group of buyers. 2. An industry is a group of sellers that serve the market. 3. The consumers in the market have varying levels of interest, income, access and qualifications for a particular product ... the strength of competitors. 2. Estimating actual industry sales may require identifying competitors and using some method to estimate the sales of each. 3. Data is frequently available...

• Word Count: 651
• Approx Pages: 3
• Grade Level: High School