Chapter Overview

Every forecast and estimate of market potential is wrong! Evidence-based forecasts and estimates, prepared using the tools provided in this chapter, are far more credible—and generally more accurate—than hunches or wild guesses. A menu of evidence-based forecasting approaches is provided in this chapter.
Forecasts have powerful influence on what companies do, through budgets and other planning procedures. Thus, forecasting merits significant management attention and commitment.
Superior market knowledge is not only an important source of competitive advantage, but it also results in happier, higher volume, and more loyal customers. Thus, the systematic development of market knowledge is a critically important activity in any organization.
Much can go wrong in marketing research and often does. Becoming an informed and critical user of marketing research is an essential skill for anyone who seeks to contribute to strategic decision making. Tools for obtaining this skill are presented in this chapter.

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