First of all, there is income, which is a personal demographic factor, and then there is socio-economic class, which is…
The factors affecting consumer behavior include culture; social factors such as reference groups, family, roles, and status; personal factors; and psychological factors.
If you have a new product idea in mind and you are intent on putting together a business to bring…
Market categories include potential market, available market, qualified available market, and served market. The market demand for a product or service, on the other hand, is the total volume of the sales that is generated by a defined customer group in a defined geographical area, time period, and marketing environment under a defined marketing program.
This guide explores effective strategies for forecasting market demand, encompassing insights from stakeholders, expert opinions, and quantitative methods like time series and regression analysis. By understanding the intricate interplay of these techniques, businesses can refine their understanding of market dynamics, make informed decisions, and adapt their planning to changing conditions.
A common technique for predicting demand for a new product is through the use of the chain ratio method. It is a method with a very simple operational logic and requires simple math abilities.
In the end, regardless of what the forecasts say, an effective marketing manager is someone who manages demand proactively: if plant capacity is too big, then the marketer's job is to find ways to increase the demand for the product.