Marketing Research and Forecasting Demand (PowerPoint PPT)

Marketing Research and Forecasting Demand

Contents
1. Types of Marketing Research Firms
2. The Marketing Research Process
3. Research Approaches
4. Research Instruments
5. Questionnaire Do's and Don'ts
6. 12 Question Types
7. Qualitative Measures
8. Sampling Plan
9. Contact Methods
10. Characteristics of Good Marketing Research
11. Marketing Metrics
12. Sample Customer-Performance Scorecard Measures
13. Tools to Measure Marketing Plan Performance
14. Sales Analysis
15. Market Share Analysis
16. The Control-Chart Model
17. Financial Model of Return on Net Worth
18. Marketing-Profitability Analysis
19. Simplified Profit-and-Loss Statement for Channels
20. Mapping Natural Expenses into Functional Expenses
21. Bases for Allocating Functional Expenses to Channels
22. The Measures of Market Demand
23. Ninety Types of Demand Measurement
24. Market Demand Functions
25. Product Penetration Percentage
26. Estimating Current Demand & Future Demand
27. Calculating Brand Development Index
28. Purchase Probability Scale

MARKETING RESEARCH
Marketing research is defined as any technique or a set of practices that companies use to collect information to understand their target market better. Organizations use this data to improve their products, enhance their UX, and offer a better product to their customers. Marketing research is used to determine what the customers want, and how they react to products or features of a product.

Without research, it is impossible to gauge and understand your customers. Of course, you will have an idea of what they need and who they are and, but you must dive deeper to win their loyalty. Here is why marketing research matters:

1. Attract potential customers:
The primary aim of marketing research is to find ways to attract potential customers. It also helps to keep current happy and coming back for more. Understanding your customers entirely is the only way to progress. You'll lose potential customers if you stop caring about improving your user experience.

2. Answer the why's:
Marketing research gives you the answer to the ‘why.' Make use of user analytics, big data, and reporting dashboards in marketing research to tell you what your users are thinking and why they think and act that way. For example, only marketing research can explain why customers leave you.

3. Data-backed decisions:
Research beats trends, assumptions, and so-called best business practices. Bad decisions are often taken due to emotional reasoning and guesswork. Focusing on customer experience by listening to your customers directs you in the right direction.

4. Better planning:
Research keeps you from making absurd decisions by planning in a vacuum. You might not fully gauge what your customers experience and feel while using your product. Customers may use products in a way that surprises you, and they may get confused by features that seem obvious to you. Conducting too much planning but not testing your assumptions will waste your money, time, efforts, and resources. Research helps you save up on all these factors.

DEMAND FORECASTING
Demand forecasting is the process of using predictive analysis of historical data to estimate and predict customers' future demand for a product or service. Demand forecasting helps the business make better-informed supply decisions that estimate the total sales and revenue for a future period of time.

Demand forecasting allows businesses to optimize inventory by predicting future sales. By analyzing historical sales data, demand managers can make informed business decisions about everything from inventory planning and warehousing needs to running flash sales and meeting customer expectations.

Without demand, there is no business. And without a thorough understanding of demand, businesses aren't capable of making the right decisions about marketing spend, production, staffing, and more.

Demand forecast accuracy will never be 100%, but there are steps you can take to improve production lead times, increase operational efficiencies, save money, launch new products, and provide a better customer experience.

Regards,

UJ Consulting