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Technology - Managers estimate market demand for a given...

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Technology In the world driven by technology, marketing managers are also making efforts to use the available resources. Marketing managers are routinely using the statistical tools like regression analysis, factor analysis, etc., models like markov process model, sales response models to support decision making process. Marketing managers are also using marketing and sales software, which helps in making day to day decision like pricing, budgeting, etc. Once managers are able to finalize opportunities using marketing research and other technology backed models then next step forward is to calculate the market size, growth and other business model related attributes.
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Unformatted text preview: Managers estimate market demand for a given product by calculating total product sell per market segment, per defined customer set, in a finite time and under specific marketing strategy. From these managers calculate company’s market share vis-à-vis the competitor’s business plan. Marketing managers have to admit it is the consumer’s market, which makes it important to gather information to understand their perception through available technology, market research and quantitative models. Understanding customers would help companies estimate total market demand for its products ....
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