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QUESTION
Describe the process/steps marketers use to estimate the size of a market? Explain
Home Work 1: Please answer in no more than 1 page, but no less than ½ page. Use answer format below.
Answer Format:
Introduction:
Body:
Conclusion:
Questions: Describe the process/steps marketers use to estimate the size of a market? Explain
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| Subject |
Business |
Pages |
2 |
Style |
APA |
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Answer
Marketers play an integral role in the success of a product in the market. They analyze the market and their target consumers and determine the best methods to communicate with the customers to make them aware of a product or a service's exitance. However, before investing in marketing a product, marketers often conduct a feasibility study to determine the market's size. Targeted markets must be large enough to make them economically viable. Therefore, determining the size of a target market is one of the vital roles performed by marketers.
Marketers leverage the following steps to estimate the size of the market. The first step is to define the market. Defining the market enables the marketers to know who they are targeting in the market (Solakivi et al., 3). The step, therefore, enables marketers to know their target market in the whole market. The second step is to determine the approach that they will leverage in estimating the size of the market. There are two main methods used in estimating market size. They are the top-down approach and the bottom-up approach. The approach selected is mainly based on the availability of data needed to do the estimation. The third step is to select the data sources that will be used to perform the market size estimation. After determining the approach, marketers must select their data sources. The sources must be reliable to increase the accuracy of the estimate made. The last step is to analyze the data collected from the selected sources. The analysis enables the marketers to develop multiple estimates and then triangulate the estimates to arrive at the target market's final estimated size.
In conclusion, estimating the size of any market is fundamental for marketers; it enables them to determine the market's feasibility. Due to the importance of the process to the success of the product being launched, marketers must leverage the four steps to accurately estimate the size of the market they plan to serve with either products or services.
References
Solakivi, Tomi, et al. "Estimating the size of the national logistics market." International Journal of Physical Distribution & Logistics Management (2018).
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