Method for market research: estimation of the target market, demand and sales in investment projects. Application to the honey market
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Abstract
The estimation of the target market and demand is one of the main challenges in the formulation of investment and entrepreneurship projects, due to the limited availability of information and the absence of methodological processes that allow quantifying the markets. The objective of this study is to propose a method for market studies that facilitates the estimation of the target market, demand and sales through the integration of segmentation criteria, secondary information and market research. This research is descriptive and was developed from a review of the literature complemented by the comparative analysis of project formulation methodologies and their application to the Colombian honey market. As a result, a procedure is presented that includes the analysis of the attractiveness of the market, the quantification of the niche, the estimation of demand, the determination of the market share and the projection of sales. The application of the method showed that it is possible to transform qualitative segmentation variables into quantitative estimates of the potential market, offering an alternative for contexts where there are not enough historical series and to apply traditional econometric models. It has become a useful tool for the formulation of market studies in investment projects and business plans; providing a structure adaptable to different economic sectors.
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