Marketing Research Approaches to Demand Estimation

Marketing research is the process that links the consumers, customers, and end users to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.

Researching your market helps you target your ideal customer, identify new market opportunities and improve your sales performance. Successful businesses make regular market research the foundation of their marketing and sales planning. You can develop strong marketing strategies based on what you find out about your products and services, your customers, your competitors, your industry and the challenges in your marketplace.

Market research can also help you identify areas of your business that could be updated or changed. It's important to clearly define your market research goals so that you can give yourself the best chance of finding accurate and useful results.

The result of marketing result can be used for some business or sales planning, one of them is to demand estimation. Marketing research approaches is used as a method of estimating demand. The most important of these are consumer surveys, consumer clinics, and market experiments. I will explain them in different posts.

To learn more about these methods click the title below:

·      Consumer Surveys and Observational Research

·      Consumer Clinics

·      Market Experiments

I briefly examine these methods and point out their advantages and disadvantages and the conditions under which they might be useful to managers and economists.