Market Size And Role Market Research
The first that a company would like to know before launching a new product in the market is the market potential. It is very important that a company knows about its prospective customers and the market in which it is going to enter soon. But the question is how do we know about the potential market?
Getting to know about the market potential is not an easy task. Market is not an object or article; its an idea. Market cannot be touched or seen, it can only be measured. Market research companies aid their client companies by helping them know about their prospective customers and the market.
Irrespective of the means that the company uses to enter the market, the most important thing that needs to be considered is, whether the company wants to know the potential of its primary demand or the secondary demand. Market research professionals help you to know about the market demand better and it also helps you with the formulation of the marketing strategies.
Primary demand refers to the size of the market for a product category, whereas secondary market refers to the size of the market for a specific brand name. Market research enables you to collect secondary data through marketing strategies, promotional techniques, marketing planning and marketing mix.
Market research analysts and economic specialist know nearly all the methods for guessing the market size of an area. Market size involves the break down of larger “market size” problems into smaller problems and then building results from these smaller problems into market size.
It’s the work of market research professionals to analyze how a big problem has to be broken down into smaller problems and then add it up to get the final result.
Most market research companies use the technique of first breaking up and then aggregation of the problem; the difference lies only in how the problem is broken and how it is added back.
This method can be used in two ways, either you break the problem first and then add it back, or guess the size of the market and then make the necessary changes.
These are just a few methods of estimating the market potential. There are various other methods also, which can be used.
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