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Forecasting and Demand Measurement
Market Demand
The total market demand for a product or service is the total volume that would
be bought by a defined consumer group in a defined geographic area in a defined
time period in a defined marketing environment under a defined level and mix of
industry marketing effort.
Measuring Market Demand
Marketers will want to estimate three different aspects of current market demand
- Total market demand
- Area market demand
- Actual sales and market shares
nQ = n x q x p
Where,
Q = total market demand
n = number of buyers in the market
q = quantity purchased by an average buyer per year
p = price of an average unit
Market Build-up Method
- Identification of all the potential buyers in every market and estimate the potential purchases.
- Mining instruments that test the actual proportion of gold content in gold-bearing ores.
- Price of instrument $1,000. The company wants to determine the market potential.
- To estimate the market potential the manufacturer can consult the Standard Industrial Classification (SIC).
Market Factor Index Method
- Identifies market factors that correlate with market potential and combines them into weighted index.
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