Technology in the modern world today cannot be ignored and various technological advancements have made the life of a human being easier and interesting. Manual systems, in place, that were introduced in the past are now being replaced with modern automated systems which are more advanced in terms of operational procedures. …
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Market Size / Growth Research
Apart from United Kingdom(UK) being the sixth largest economy in the whole world, its automotive industry employs more than 800, 000 people and United Kingdom has more than 20 cities with London carrying the largest population of about 7,172,091. Additionally, United Kingdom is recognized as the first industrialized place with England being the most densely populated country in the world. UK has the top world universities; University of Cambridge and the University of Oxford. Many people are well educated in UK and a huge number have attended college and hence belong to the middle class level. With this in mind, UK makes a huge market for the product (muting sensor) device. Targeting London as a major market city and the greatest economy, the city has many middle class families who afford television sets and pay televisions like DSTV Pay TV (OmeSteps Introduces National Summer Sales Promotion, 2011, p 1).
Moreover, technological awareness in UK is on the increase and it is spreading dynamically with good roots from its industrialization in the early 19th and 20th C. In this case, many people in London have the ability to purchase our product, especially the people with more than thirty years and have children who are chronic television addicts. It has also been noted that UK has a very rapid rate of increase of population which in this case dictates the ease of growth of our market in the near future. In this case, England has one of the fastest population growth rates in the world earning it recognition of being a country with the highest population per area. Statistics show that UK is an attractive place for muting sensor device, considering the many cities that have highly established businesses like hotels, lodgings, restaurants, nightclubs, healthcare centre and institutions which require television sets (OmeSteps Introduces National Summer Sales Promotion, 2011, p 1). These centers are potential buyers of our product. The many families also described above treat a television set as a basic need for a home and therefore many homes will be willing to buy our product. It is also stated that UK has the top known universities which have attracted many people from all over the world to go to UK to further their studies. These students make our market size larger having in mind that many students in general have a wide interest in watching movies, series and programs in television sets. Technology is not only spreading widely and earning recognition in UK but also in almost other parts of the world including the developing world. Various countries are catching up with technological improvement and as a growth strategy, we are planning that we are going to introduce this sensor device to other developing countries where we can be exporting this device and earn the country foreign exchange (OmeSteps Introduces National Summer Sales Promotion, 2011, p 1). Market segmentation The New sensor technology Company has categorized its market in the city
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