Estimating the size and potential of markets
Market appraisals are used in generating promotional campaigns, undertaking SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis and in developing forward-looking perspectives, answering such questions as:
- What is the size of your market ?
- What is your organisation’s market potential ?
- How do others in the market view your organisation ?
Key steps in undertaking market appraisals include:
- Market scale—assessing the size of a given market using key metrics such as GDP or spending.
- Market challenges and opportunities—understanding how the market operates and where there are untapped sources of opportunity and wealth.
- Market futures—determing how a given market will develop in the future and where growth “hot spots” may be.
In many cases there may be uncertainty about a given market's size. Our market appraisals weave together a variety of analytical techniques such as surveys, statistical data analysis and formal econometric modelling to develop answers to these questions and help inform policy decisions impacting that market.