Demonstration of MasteryArtifact: ForecastingTotalMarketDemand-Part1Scenario: You are starting a business and you have asked your bank to give you loan. The banker wants you to provide a demand forecast for the industry you are operating in. Follow the steps below to prepare for your next meeting with the banker.Steps:1.Define the market.○Select a product or service that interests you.○Review information online about the industry.○Identify the potential end-users (minimum of five)○Discuss how product substitution could impact market demand2.Create market segments.○Create a table that lists each segment of end-users. Be sure each segment is small and homogenous enough that the drivers of demand are consistent across the entire segment. The table should include the quantity or volume consumed by each segment.○Describe how you selected each market segment and the sources used to find thedata.3.Analysis of market potential○Respond to the following questions:i.Is the demand in this industry strong enough to warrant a substantial investment? Explain your answer. Provide data that tsupports your rationale.ii.Which specific market segments present the greatest opportunities? Explain your answer. Provide data that supports your rationale.4.Cite all sources in APA format – 5 sources one being the Holy Bible5. 5 pages title and referenceLecture Videos○Video: Scarcity https://www.youtube.com/watch?v=iy-fhpbTH9E○Video: Assumptions in Economics https://youtu.be/0V_F1SsKTFI○Video: Positive & Normative Statements https://youtu.be/bWbVlvVSD6A
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