Customer and market dynamics Essay Example | Topics and Well Written Essays - 3500 words

Customer and market dynamics - Essay Example In this period firms have started giving considerable importance to the demands of the consumers. Firms are launching products that are trying to cater the needs of different sections of the consumer markets that have diverse needs and wants. Aspects like variation of product mix are frequently being used by different organizations to understand the exact demands of the consumers and delivering their demands by producing tailor made products to the consumers. In order to achieve success for their product offering it is important to segment the market on the basis of consumer behaviour of the target market segments. According to Loudon consumer behaviour is defined as â€Å"the decision process and physical activity individuals engage in when evaluating, acquiring, using or disposing goods and services† (Loudon, 2001, p.5). ... The UK consumer market has been selected as the consumer market where the product would be launched. The study would cover an extensive analysis of the existing literature so as to prepare a set of plausible recommendations for the firm so as to successfully launch the product in the market. Macro-environmental Factors Political Factors UK or United Kingdom comprises of the Great Britain and Northern Ireland. UK is one of the most developed consumer market of the world. The nation has a constitutional monarchy and is headed by the queen who is closely aided by the Prime Minister and his council of ministers who are elected democratically. The political establishment is one of the most stable political establishments in the nation which ensures development of the nation in all aspects. The administrative wing of the government is divided into the legislative, executive and judiciary wings which control the administration of the nation. The nation firmly believes in the spirit of democ racy and provides considerable fundamental rights to its citizens (CIA, 2011). Economic Factors UK is one of the most economically powerful nations of the world with GDP in terms of official exchange rates stand at $ 2.179 trillion as of 2009. The GDP figures in terms of purchasing power parity stand out at $ 34,200 as of 2009. The services sector has the highest contribution towards the GDP followed by industries and agriculture (CIA, 2011). Social Factors UK represents one of the best consumer markets of the world with population figures of 62,348,447 individuals as of July 2010. The median age of the population is 39.8 years which represents a good market for the product (moisturiser). Approximately 90 percent of the total population