HOW MARKET CHANGE?
The size of markets
The size of markets can remain quite stable over a period of time.For example, the size of the milk market in UK probably hasn't changed much for many years.This is because consumption of milk is fairly constant.
However,the majority of markets are likely to grow.For example, the future of global packaging to 2018 reports that the global packaging market stood at US$799,000 Million in 2012, increasing by 1% over 2011 with sales projected to increase by 3%.Some forecasters reckoned growth to 2018 would reach 4% per year, with sales reaching over US$1 trillion.Factors driving growth in packaging market include increasing urbanisation, investment in construction and housing, development of retail chains, and the expanding cosmetics and healthcare sectors in the emerging economies.
Some markets are in decline, dial-up internet services are gradually being withdrawn in many countries.They are being replaced by the much faster broadband services.Market often decline because the need for a product ceases to exist.In the case of coal, other duel such as oil,gas,nuclear and renewable sources are now preferred by households and industry.
The nature of markets
many markets are in state of flux.This means that the structure and nature of the market is subject to constant change.It is also possible for consumer spending patterns to change.For example, significant changes are taking place in Indian markets. Shopping India has become more social and often involves the whole family.Shopping events occur more frequently and immediate gratification is becoming more important.Traditionally the purchase of a house and a car took priority.However, today more Indian consumers want to buy holidays abroad and many are prepared to spend increasing amounts of money on comfort.Another change is desire to buy more upmarket brands.Social media is influencing consumer behaviour as people attempt to match the spending habits of their peers.New markets
While it is possible for some markets to completely disappear , new markets are always developing. One big source of new markets is from the development of emerging economies. These includes the BRIC (Brazil, Russia, India, and China) countries and other developing nations, such as Mexico, Thailand,Indonesia and some south American countries.New markets also appear when completely new products are launched.In the 1970s no one had a mobile phone.In 1980s no one had a smart phone.In 1990s no one had flat screen TV's.In the 2000s few people had e-books.These are all examples of brand new markets.
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