Porter’s Five Forces Analysis of Anti Ageing Industry in UAE

               

  Bargaining Power of Suppliers

In the anti-aging market the bargaining power of suppliers/distributor’s is very high as the company/brands depend upon their reliable and robust distribution network to make sure that their product is available at the right place at the right time. In Dubai with the increasing number of mom and pop shops it is important for the companies to make their product visible and available at the nearby stores for their customers. Since at the price level almost all products are similar, hence the availability and positioning of your product at eye-level is a very important factor in influencing the buying decision of any customer. If the product is not available it is very likely that the customer will buy the next available substitute. 
Bargaining Power of Buyers

The increasing presence of social media in the society has played a very important role in increasing the knowledge and awareness of the consumer. Hence the consumer of today is much more aware and knowledgeable than ever before, which has also increased its bargaining power. Today's consumer wants to maximize its surplus hence they follow global brands and compare the prices, availability and differentiating factors amongst all competing brands before making any decision. Consumers choose those products that add more value to their money spent. Also the reason that all the products offered in the anti-aging market at same price are relatively same in terms of quality and effect, which gives more bargaining power to the consumers as now they can make their purchasing/rejection decisions instantaneously.
 Threat of New Entrants

The threat of new entrant in Dubai market is low because all the important brands are already present in the city. The barriers to entry into this industry are also high as huge amount of investment is required in terms of time and money to set-up a robust network effectively. In FMCG industry trade relations are very important which is built over time which adds another layer to the complexity to entry for a new player. Since this industry works at very low margins, hence economies of scale is imperative to survive and compete which is again difficult for a new entrant, as it won't be able to displace the current players on the Dubai market instantaneously.
 Threat of Substitutes

In Dubai residents have high disposable income due to which the substitutes available is the market are also larger in number which results in competitive anti-aging market in Dubai. With time surgical and non- surgical technology has also improved resulting in effective and affordable anti-aging treatment. Also the number of anti-aging treatments and clinics providing these treatments has mushroomed. Most of the competitor's product in skin care market is either substitutes or offer identical benefit’s to consumers. Hence this has also created stiff competition for Anti-aging cream market.
Threat of existing competition

The anti-aging market in Dubai is very competitive. Since undifferentiated products are available at same price points hence the switching cost for a customer is very less. To add to this, most of the brands have same reputation in the eyes of customer hence the companies can't bet on exclusive customer loyalty for their brand. Also the companies operating in Dubai in this segment of the market have well established distribution network which ensure that their product are readily available at majority of retail outlets across city which eliminates the possibility of any competitive advantage. 

Nestle - “Good food Good life”

Nestle is a Swiss food and beverage company which is ranked 72 in Fortune Global 500 in 2014. This company has positioned itself as nutrition, health and wellness company with quality taste over the years. Following is the analysis of brand which makes us easy to understand that how Nestle has grown over the years and what they do to make themselves distinguished.

Brand Architecture

Nestle follows Endorsement Brand Architecture which means that all my daughter brands have attributes that I as a Nestle holds. That’s why customers start associating Nestle attributes as soon as they see Nestle in daughter brands.

Purpose

      Nestle is not only famous for its products but also has purpose which is not monetary but welfare of society which is a step towards creating brand advocates. Nestle has CSR initiatives towards climate change, water, energy efficiency, biodiversity, waste and recovery, society, environment, employee safety, rural development programs throughout the world – India, Philippines, Malaysia, Nigeria, Pakistan, Ethiopia, South Africa, veterinary services, education program. 

Brand Portfolio Analysis

 Product Life Cycle

  BCG Matrix

Product or its Placement

Source: Planogram

Have you ever wondered that how companies decide where products should be placed in retail stores or outlets? Or how companies can increase visual appeal to satisfy their customers’ needs or attract new set of customers!

It was always a big question, product is important or its placement. In my opinion it’s both and we are in desperate need of some magic which can help us with improvised placement of products for our increased sales value and visual appeal to tap customers mind.

I was as clueless as you guys are until one day I came across Planogram. Initially I was startled by the name and purpose but on gradually digging about it deeper now I understand why everyone is running for it from Cosmetics Company to clothing, apparels and fashion.

Planogram turns out to be such kind of programming which is a visual diagram which provides detailed placement of every product in retail outlets making your work easier than before. Detailed placement is not just related to presenting the flow but also which aisle to put, facings of the SKU’s in case you have large number of products and you want to increase their visual display so you need different facings to attract, better and improved point of sales. It provides comprehensive solution to all small and large retailers problem across the world.

Large retailers usually hire specialists for the designing and use of planograms but smaller retailers still depends largely on paper and pen because of its high cost which is a major concern. The various benefits which Planogram provides are not limited to placing of products and increasing sales. It can also be used product replenishment, reducing out of stocks and inventory control. It combines the store needs with consumer needs thereafter increasing your sales and helping you to stand apart in eyes of your consumers!

I am still analyzing this product features and will surely be amazed as I explore more! What about you?

This post is originally posted on http://ideasmakemarket.com/2015/08/do-you-know-about-planogram.html

The Way Singaporeans Live!!

In 1959 Singapore attained its full government and election was won by People Action Party whose leader Lee Kuan Yew who became the first Prime Minister of Singapore. Lee Kuan Yew was the world’s first country Marketing Director who built the “Singapore” as a brand. According to United Nations Human Development Index (UNHD) 2014, ranks Singapore as 9 out of 187 countries with feeling of belonging, vibrant culture, racial harmony, strong ethic and ethnic tolerance. Throughout the world it is famous as holiday, shopping, business and living destination. Due to its cosmopolitan culture it has evolved and grown like no other nation in the world. The majority of the population is dominated by Chinese following by Malays and Indians.

Singapore has seen change in the trends of consumers in last few years, it can be  due to various reasons, few of them can be named as influx of expatriates which creates competition for Singaporeans, increasing spent on tuition fees of children, and increase in e-shoppers aged 25-34 (72%), 15-24 (51%) , 36-49 (50%) as well as 50-59 (34%) with aged 60 and above contributing 23% which include clothes, airline and cinema tickets, books and gadgets, online grocery shopping (Euromonitor, 2014). Also Singaporeans love to travel, dine out, and donate in charities while enjoying weekends luxuriously.

Profiling of Singaporeans:

Infants and Kids:

Parents of these infants and kids are sending their children to enrichment centers from the early age as they believe to develop them emotionally and culturally it is very essential for them where they learn both English and Mandarin as language and they themselves attend parental programs and visit parental websites. Also they have this perception that better the enrichment centers better will be the school in which their child will start his/her education. The uniqueness for this segment doesn’t stop here even baby spa, gym, swimming, yoga, brain training in form of “Shichida” classes is very popular in Singapore.

For kids in the age group of 3-8 years tuition classes are another business which has seen growth. Not only these toys, DVD’s and books are the most selling products for this segment and Singapore Mummy Facebook Page is creating a lot of buzz for such products in the market.

Generation Z (8-19)

This segment of consumers is exposed to mobile phones and they make most use or misuse of it depends upon the marketer who wants to use this information. These teenagers top interest’s lies in music, computers and movies. As Singapore has high household broadband penetration they remain involved in messaging, video games all time. Facebook is most popular social media for this segment of users followed by Twitter, YouTube, LinkedIn and Pinterest. But it is interesting to know that aged 17-19 join Linked in account for professional purpose. They also suffer from blood pressure and sugar problems, due to inactive participation in sports where companies can surely target and leverage by promoting healthier lifestyle as it can turn out to be a big gap in economic progress.

Generation Y (20-30)

For this segment it is interesting to know that males have to serve compulsory 2 year military service where female enter higher education or work. Another interesting trend which can be seen is according to Kelly Global Workforce Index younger Singaporeans were switching jobs to find positions that could give them personal growth (41%) and personal fulfilment (29%).

They generally spent on fashion, food and cuisines, entertainment. They prefer foreign brands for all these and specifically for clothes they prefer going to brick mortar store, try the outfit and order online. Skin care is another segment where Generation Y is most loyal in Singapore. They prefer organic and herbal cosmetics along with mass and premium range of products in the market. Society, recommendations from friends and families influences their buying dimensions to greater extent.

Generation X (31-45)

This generation is kind of sandwich generation who are between their parents and children taking care of both segments simultaneously. Though their interest lies in luxurious items, entertainment and better dine out areas. For them their career is also important thus they focus on improving interpersonal skills, technical knowledge as well as use social media widely. Employees are willing to spend money on all these developments and searching for better options to upgrade themselves.

Baby Boomers (46-64)

This segment in Singapore is called the happiest segment as they are happy with whatever they have achieved; happy with the family and the kind of life they live. Before making any purchase their normal trend is to seek recommendation from family and friends. Activities in which they like to involve themselves vary from cooking to shopping. They love reading, cycling, surfing net and travelling to various destinations of the world. This segment of consumers has urge to learn IT and cooking skills for news, interesting places, activities, shopping etc.

Apart from this, the prestigious Hawkers centers are somewhere loosing charm in Singapore due to hygiene factors. Raw food is slowly taking place of other fast food options along with Chinese tea which is claimed as coffee of Singapore.

Now it’s time for companies to utilize this opportunity and expand their horizon to the untouched segments of Singapore - trend is changing you just need to get most out of it!

Originally this article is published on http://ideasmakemarket.com/2015/04/the-way-singaporeans-live.html

How Brands Create Lovers and Haters

Haters of particular brands have less chance of liking a mysterious item presented by a particular brand. On the other hand, lovers of a brand tend to like anything that comes across them. Some companies with lovers and haters we identified are- Starbucks, Louis Vuitton, and Apple, Walmart etc.

Starbucks – Lovers of Starbucks had the view that they not only loved instant coffee, they also loved the coffee beans. People enjoy having coffee at Starbucks over brainstorming sessions. Lovers of Starbucks also like to have Starbucks coffee aroma at their homes. Haters of Starbucks think Starbucks is not bought for its taste, and even some people perceive it as an indicator that they are rich or they perceive it as giving them an image of hipster.

Others don`t like the ambiance and think of people sitting at Starbucks as complicated and snobby intellectuals. Louis Vuitton- Lovers say they find it gorgeous and love the colors of LV products. Others say it helps them enhance their status symbol. Haters of LV don`t like the monogram, some find it too expensive and others find the designs for old and matured people.

Value of such consumers!

• Concerned about the environment: More people are worried about the companies which are depleting the natural resources, like BP and Union Carbide, the company that killed many lives due to toxic gas emissions and also polluted the environment to huge extent. Whereas many people like certain brands for its interest towards public and environment, for example IKEA has a good reputation among the public for its CSR activities.
• Innovation: Most competitive and innovative field is electronics industry. Many hate certain brands due to lack of innovation and poor features. Premium brands like apple and Samsung too have haters as apple haters believe that there is no innovation in apple mobiles after Steve’s exit and conversely people love Samsung and Sony for its cheap priced mobiles with greater features.
• Individual’s Interest: Every individual is different from one another. As one person might like natural organic food other might tend to like fast foods or any flavored food. Due to these variations in every individual’s interest, there are a group of haters and lovers for a brand.
• Relation with Employees:  People hate Walmart because it wasn’t paying enough to its employees and a lot of news was spread that Walmart was making its employees to work for longer time. People love companies like Verizon and Google since they treats their employees with all benefits and provide them proper work life balance.
• Health Conscious:  People hate certain fast food chains for poor packaging and low quality foods.
• Unethical practices: When KFC sold chickens affected by flu, this created a huge controversy in China and people started to pelt stones over KFC outlets. On the other
  side, people love KFC for its variety of chicken items.

Factors that makes one a hater

• The most common reason for turning one into a hater is because bad customer experience in terms of product quality, service provided, product durability, post buying maintenance services etc.
• Sometimes brand’s unethical practices, illegal ways in achieving targets, does not go down well with the end customer, and  they take it as their social responsibility to initiate a movement against the organizations/services by being a hater for that particular brand. For e.g.- PETA on KFC cruelty to chickens.
• Advertisement – If the advertisement of a particular brand projects/or depicts something that becomes offensive to a group of people/religion or a country, that spreads negative sentiments among people, which drives them to become hater.
• Greater expectation- customers over a period of time after using the brand, set high expectations and if a brand does not come up with new innovations, ideas or features, then the some customers shift away from brand and that eventually may turn them into haters.

Factors that brings lovers together

• Brand image plays an important role in creating lovers for the brand, and is one of the primary drivers for lovers.
• Lovers are created for a brand on the basis of consistent performance of that particular brand over the course of time that can be in terms of its customer satisfaction optimization, innovative features, quality, and value added in life through using it.
• Trust, price, style, flexibility, safety, convenience, comfort, etc. are some of the drivers that distinguish between the customer and the lovers.
• Relationship building is a parameter which organizations target to construct to increase their pool of brand lovers.
• Striking the emotional chord among the customers through marketing and advertisement of a brand allows organizations to generate new brand lovers and convert the existing customers into loyal customers.

Originally this article is published on http://ideasmakemarket.com/2015/04/netnography-of-lovers-or-haters.html

Product or Service?

Source: Spiresearch

Brand can command a higher price premium when it is sold as a service rather than merely as a Product.A service helps you to connect emotionally as you can see the reaction of your customers instantly rather then waiting for the product to reach them and then they provide feedback to you which in any case if bad then your long term relationship with customer gets affected.

In this case you think Brand should be sold as a service or a product. There are many industries which have set an example in front of us that how can you change the rules of game of service industry and rule the business. If you take an example of airline industry in that Virgin Airlines is the perfect example we can take. They have commanded price premium for their services offered like first music and video systems in the airline industry as compared to other airline services to make flying worth an experience as a stage where they have created an emotional connect in mind of consumers whereas other things which they used are basic products like aircraft engines and many others. Though this formula of them is copied now.

Even if you take an example of hotel industry hotels like Armani, Taj specially luxury hotels charge for the service they are providing rather than selling it as a product. Thus various brands want to get associated with them to promote themselves like daily use products and others, their own car services, and food etc.

Service adds value to their offerings to attain this position so that it creates perception in the mind of consumers or investors that your service offerings are more valuable than any other service in the market and thus giving you the way to command price premium in the market. For doing this brands needs to focus on wants of customers and make everything possible as an experience to live or feel or enjoy etc. in which customer feels delighted, connected or related and if they even try to move to some other service provider they don’t feel like switching and land back to your service only.

"I don't know what to Buy, where to buy, which to buy"

This analysis goes about that what all problems goes around in customer mind while making a purchase of a product which he/she had never done before and what all steps consumer takes to finally buy. I looked at the sports Skydiving and to go about which skydiving equipment gear to buy I had really no idea what to do. The first step was to start with the search for the range of equipment then narrowing down to various levels on the basis of below pyramid.

Moving from sites to sites and reading reviews to reviews it seems like everything was equally safe, some prices higher some lower, some providing Do’s and Don’ts for your first jump, size of canopies , good used gears. Also these sites talked about Mirages, Javelins and Vectors which are used in skydiving. The various sites which I reviewed were Parachute Shop, Para Gear, Extreme Sports, Jump Shop, Sky dive sf etc.

After knowing the list of equipment I would want to know that my list of equipment is comprehensive and exhaustive or not. For this I would contact with other flying schools or clubs and cross check my list. If any equipment is missing I would add it to my list and do some background research on utility of those.

After researching my confusion was that when you buy first skydiving gear it should be used or new. If it will be used equipment I will take more precautions in terms of checking its wear and tear but in case of brand new equipment I can be assured that there would be no wear and tear. Keeping in mind price and safety involved I would be inclined to buy second hand equipment which are not critical to my safety such as rescue parachute while on the other hand I will buy brand new equipment which are critical to my safety such as primary parachute. That’s where the search started that which companies sell the best used skydiving gears and I landed up a forum which displays sell of used gears called buy/sell skydiving gear.

In a typical skydiving gear you get a harness or container, reserve parachute, Automation Active Device and main parachute are there. On my research I found that Automation Active Device expires early so I made a decision to go about buying a new one. The reserve parachutes if old can be used just you have to make sure they are not torn or have holes but for main parachute try to buy a new one as this one will be your life savior and you cannot afford to buy this one with holes so better put your money into this. The harness should be the used one as I was new into this I have to make sure that there is a correct size for both canopies and for my body size as well.

The order in which a one should go for selection is selecting a reserved canopy first with correct size. After this I searched about the brands which sell harness based on the features like Para Gear, Sky dive wings etc. I used published volume carts to analyze and looked for soft or normal fit. But companies also offer tight fit which was confusing and created more problems for me. You can certainly know before buying that harness will fit you or not, for that I have to talk to the seller of rig and tell them the serial number of harness but problem was how to contact them. The options with main parachute are unlimited 7- cell, 9-cell, F111 etc. Companies like Sky lark, sky dive store so sell these. But the main problem with these again was which will be correct or fit.

Once I know which equipment’s fits my body I would be looking at brands with highest safety ratings which are approve by government and law which guides skydiving equipment gear. I will be inclined to buy those brands which provide me free trial so that I can have the touch and feel of equipment on my body and evaluate if I am comfortable wearing those or not.

The final step will be to look at the level of after sales service for my equipment’s. Safety being the first criteria for selection, price also plays a very important role. Since these equipment’s are costly hence I would like to be sure that I receive good after sales service.

Thus the difficulties that an average customer faces are listed below which a seller can pay attention to and create market for themselves

·         Knowing the comprehensive range of equipment
·         Selecting amongst range and variety of equipment
·         Getting feedback from current users
·         Knowing the range of safety parameters that an equipment needs to comply with
·         Finding stores to get the first-hand experience

Originally this article is published on http://ideasmakemarket.com/2015/04/buying-a-product-for-the-first-time-a-consumer-experience.html

The Amazing Run

The start of MBA and end of fun

The chase of dreams with amazing run

What you will name the year passed by

You close your eyes and it seems you just entered a while!

It was a sunny day we all landed in Singapore

Trying to book a cab and end in single one ready to explore

Green and tall buildings that was the impression

The airport has already amused us with the perfection

We were all gazed at the cleanliness and thinking how will be the campus where our new era will begun!!

Rolling, dragging our luggage we reached the gate

Waiting for Jossel to entertain us on our way

We were unknown to each other but so known through social media

Thanks to whats app feature it was like we knew each other like an Expedia!!

Met, greeted and shared experiences and since then started this amazing run

All the lectures we swayed together competing with each other in every presentation

From CRP to SBR it was all fun filled

There was no lecture where few of our friends always felt like that they just had a sleeping pill..

Few used to sleep on first bench and few were awaken by professor themselves!

To cure that some had red bull and some had coffee

But none helped us as we were always too drowsy!

Professors screwed us at times

But there was a mighty Thursday with free entrance in casino and Kudeta

while helped us to surpass those bad times

There was a simulation I totally remember

Everyone was fighting with each other to stand in business as it was their own

Who can forget "We will talk about this later" and voice of "Hello"

Every teacher was unique starting from "Boys"  till  "Suffer Bastard Suffer" whose memories walks with us like an arrow !!

After the good bye to Singapore it was time to fly Sydney

The land of dreams- our so called honeymoon period of journey

What a place what a beauty

Lovely weather with amazing people

All time we were partying and cooking something for entertaining!

Chai Pakora till Chana Batoora

Wine pasta till chicken tikka

What is that we didn't cook South Indian to American

At last we became the master chef among all our companions!

Trip to Melbourne and snowy mountains

With Beautiful beaches and amazing view

Sometimes it feels like we were only travelling

Classes were just the substitute for the noon where we used to relax in study rooms!!

Nigel lectures were gaming time for all our batch mates, few others used to make itineraries for the next visit to test our fate

Supply chain and HRM screwed our happiness perpetually and on top of it there was Corporate Finance which were killing us daily

Drinking, eating, cooking, travelling we passed the Sydney leg

It never appeared to me it was a place to study it taught us to how to relax!

Jet boating till beaches we had a fun filled four months

If someone asks me whats the best thing about college I will say just go to Sydney you will understand!!

The final leg started in Dubai

When the time flew I never get the feel

Singing, chatting, fighting, dancing its finally coming to an end

Friends are getting placed we party all the day knowing this is our last chance!

Sometimes seeing studying IBWM folks I smile on myself

Kudos to the decision I made for myself

If I was on their place surely my head got burst every single day

GLSCM is second vella batch which they even don't know

Marketing knows what they do but we never pretend ;)

Whatever we say about each other or how much we fight

At the end we are sailing together in SP Jain boat in high tide

We will sail through this in one month time and someday will cross each others path somewhere in life

But remember guys time is running we are at the end of this amazing run

Run where we met Run where we will be apart

Run which taught us to smile Run which gave us loved ones of our life

This amazing run will always be my part

I wish one day I can meet you all the same way

Smiling in the same fashion and with same zeal and full of enthusiasm

Bye to MGB Bye to All

We will surely meet one day again to have same fun for which we all are known!!

A broken heart to a broken soul!

Source: Etsy

How do you greet a broken heart

In the mid of moonlight lost so far..

No light of togetherness

No hope of smile

She is just moving hiding tears with a smile!!

A broken heart with no wings to fly

No aspirations and no feelings within to tie..

Whom to say or for whom to cry 

Nothing to see all seems like a dark sky!!

You feel like walking bare feet

You know earth will hurt your innocent sheet

Feeling is miserable like a stab in heart

No one can see those tears apart!

You feel like yelling on the whole world

You scream in your memories over everyone

You just wish it to be a dream

But no one knows what you are suffering from which makes you feel this!!

A broken heart with no wings to fly

Breath about freedom in the dull sky

Want to feel flowers but pinch like thrones

Its just a feeling or something unknown coming from shore!!

Past haunts you but no one understand

Society treats you as if it was you who this planned

What was her fault what did she did wrong

She was just the daughter of the poor who was torn

She just wanted to fulfill her family dreams

Her fault was that she took birth as a girl who wants to live free and feel!!

She was just following her dreams hidden somewhere

But culprits were eyeing her like a hungry prey everywhere

Eaten, beaten, raped her till the last breath

A broken heart was broken now by her soul

She cried, asked for help but no one listened to that "shor"

Till now the scream and cry you can hear around

But the noise of all others is so loud that those words never make a sense at all

Why after knowing what is wrong we still pretend everything is right

Why after knowing what should the punishment be we wait for the justice from supreme power who holds the guiding light!

Its the irony we expect light from the source who is blind

Who doesn't even see what is right and close her eyes before every mind..

Its not a question to one but its for everybody

What is the fault a girl has made after taking birth for which she gets punishment daily!!

A heart broke with these deeds every hour some where

Its a journey somewhere a girl makes because of society

From A broken heart to a broken soul leaving us in tears!

Which one to use for marketing - Wikipedia or Craigslist?

   Wikipedia

•  For small business listing their basic information and data on Wikipedia works as a validator for their existence in real world thus connecting them with customers on a larger scale.
• Wikipedia has three content policies which are no original research, verifiability and maintaining neutral view point using which you can use it for marketing and public relations.
• Under the discussion tab of Wikipedia consumers can discuss questions, complaints and even companies can write about views and additions about company.
• It provides an additional and credible presence on internet where you can display about your brand and business with integrity.
• It can be used to increase back links on your company’s website thus making you more viewed on the Google search page.
• Content marketing is as way to do marketing through Wikipedia as well helps in keyword research.

                                                                           Craigslist

• On Craigslist online marketing can be done efficiently by promoting an e-bay store till franchise or car till real estate.
• Keep check of spams as they use a flagging system so it is easy for them to quickly spot your business. So before posting an advertisement nationally or locally keep a check on the rules of it.
• These sites are based on customer to customer model, internet classifieds so it’s more economical for business to interact with individuals through social sites.
• Customer selling to customer is being used as a marketing model by many businesses these days.
• Using targeted advertisements as Craigslist posting service, you can target customers who want to buy your product.

Does Google Benefit Large and Smaller Companies for their marketing?

Source: Youtube

Giving away a product/service free constitute a viable business strategy. If you give a product or service for free known as freemium pricing strategy then you can charge for proprietary features, functionality or virtual goods. It can be used as a multiple revenue model by indirectly promoting or advertising value added services and developing your brand. It helps in reaching critical mass for a company quickly by penetrating into the market.

      Large companies benefit from Google for their marketing as they become more visible with the help of their back link structure. It can be formed with collaborations that they have generated with other websites and by being more resourceful (giving forward links).They can take banner space for advertising as well as promotion and pay through click through rate for this, thus becoming more visible to customers.It can increase large companies’ inbound traffic and search engine rankings.You can post advertisements on you tube. Trademark words cannot be used as keyword so as large company you must protect your brand. As taking banner space and advertising on you tube is expensive large companies can afford and take advantage of these.

       Small companies leverage Google for marketing as these companies can use Google Ad Words to manage or market advertising in easy and efficient manner. You can post advertisements on Ad Words, provides cloud services and analytic tools as well as tutorials. Use of Google Plus also helps consumers find small business and improving Google Search ranking as well as increasing network capabilities.  Google analytic is kind of a free tool which website can use to track demographics like unique visitors, location or time of day, clicks on page etc.Thus most small companies use Google analytic and Ad words.

Few Points About Prediction Markets

Source: Steemit

Prediction Markets are kind of markets basically used for information gathering and aggregating process across the market which is typically prediction of some event thus using these you can leverage the likelihood of an event and make your business streamlined in that direction.

You can also do demand forecasting and calculate the value of company during a time period as prediction market of Google does.

Software companies can exploit such markets by finding will they meet their timelines or not; how many defects will be there in their software etc.

Political firms can use it to find that what will be the result of elections.

Video and music market can use it to predict the box office collection of movies and music in the market.

 For managing a project, quality of a product (manufactured or software) and forecasting these markets can be used.

Video games industry can use it to predict the success of the games they are going to launch in the market.

First few steps towards this can be having access to broad range of information, getting continuous feedback as well as real time information; because of anonymity participants will express the truth so involve them and get additional information about the event for which you want to make prediction.