TwoCents
Talk us through a summary of how you perform market analysis to determine whether an about-to-be-introduced product will perform well in its target market. Has there ever been a time when there turned out to be a huge disparity between what your feasibility studies predicted and what eventually happened in the market?
In analysing the metrics for measuring brand assets, there are various analytical methods that can be used. I will explain briefly some of these methods.
1. Optimization- This answers the question "What's the best that can happen in the market?"
2. Predictive modelling- This answers the question "What will happen next in the market?"
3. Randomized Testing-This answers the question "What will be the next big thing in the market, if we try this"?
4. Statistical Analysis-This answers the question "What happened last in the market?"
The response to the questions above will give an accurate picture of the timing and type of product to launch in the market.
And finally, yes its possible for there to be variance in the actual and forecasted figures in the market. However, the variance should be as low as possible
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