Marketing Analysis : The Business World

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In the realm of the business world, there are many industries that offer to provide products and services to their customers. In addition, each industry has a list of firms that that specifically provide consumers with their needs and wants. The soft drink industry in particular, includes carbonated beverages, juice, bottled water, ready-to-drink tea and coffee, and sports and energy drinks. To understand how well the industry is doing, strategists must analysis the industry and help determine what factors are affecting profits. In order to successfully complete an industry analysis, strategists much complete a six step process. These steps include defining the industry, identifying the marketing participants, analyzing the participants influence on profitability, test analysis, develop a way to deal with industry environment, and analyzing how the factors influence profitability and how they can change. Before completing the six step process, the most effective way to approach industry analysis is by using the scientific method. The purpose of using the scientific method is to identify the issue, hypothesis about the answer, and test the hypotheses. In this case, one can use Coca Cola as an example. The company can ask “what are some potential threats to existing profits and how can coke counter them?” Regardless of the answer, this process will suggest new hypotheses that can be supported by evidence. Moreover, testing any hypothesis require and understanding of

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