An Introduction to Market Research & Market Forecasting

Market Research (MR) is intelligent prerequisite for any product-based companies in the pharmaceutical industry. It includes various forms of research namely primary (PMR) and secondary research.

Primary Market Research would include reaching out to people/groups via calls, emails, or online surveys as well as group discussions or interviews. Market Research studies are conducted with specific objectives to estimate potential market size for a new product, consumer perception of an existing product in the market or understand reasons for failure of a product in the market. MR studies also helps in understanding competitors’ strengths, weaknesses, and market share/sales/probable sales volume for a specific product or therapeutic areas. PMR data that is collected first-hand for a specific research purpose.

It is defined as a procedure used by researchers to gather data directly, rather than depending on data composed from previously done research. Primary research is solely carried out to address a certain problem, which requires in-depth analysis. There are two types of research: Primary Research & Secondary Research.

Market Forecasting

Forecasting is an important component of decision making process, market sizing, and all the marketing activities. A market forecasting is vital part of market analysis and projects the future numbers, trends, and characteristics in the target market. Forecasting serves as a primary tool for sales teams and sales managers to help with data and insights about projected sales volumes, costs, market shares and other areas of sales or marketing planning  and programmes. Total market forecasting helps companies predict or project its own product sales, competitor’s sales as well as market evolution.