Understanding the demand of your market is very important to have a successful business. I was interested in further research of this topic more to show what can be the best techniques to forecast your market. It is interesting to see how the demand of markets can change based on the area you may be in or the population age that you are dealing with. In my opinion, I feel that the demographic environment is what plays a major role in the demands of different markets. The businesses perform studies to help forecast the best availability based on the market area. Explanation To start measuring the forecast of the demand of your market you need to start with the size, growth, and profit potential to help see the potential in the new …show more content…
The first thought that comes to mind for me is how do you really determine your demand for healthcare. You do not know what your admissions will be day to day in the hospital, or why a patient may be coming in a doctor’s office to see physician. Market based forecasting shows us how you can manage this along with strategic financial planning. The market demand forecasting process consist of the …show more content…
Beech showed us how looking at your service area, market share, and utilization area can help an healthcare market determine their demand. This relates to the textbook guidance of learning your market rather it be your available market, target market, potential market, or penetrated market. In all organization’s the main areas that help determine the demand for the market is the demographic of the area. The age and gender will contribute a lot to the demand in the market for that service area. An example of this is if you are in a retirement community your demand for a cardiologist is higher than your demand in a town that has several colleges and the average age is 25. Studies can prove that the older population has higher risk for heart disease than someone that is a