BAILMENT and PLEDGE

By:Monish Khan

Definition of BAILMENT
Market measurement is management tool through which the markets which is investigated is expressed in quantitatively measurable entities.

Need for measurement and forecasting

The main goal of market measurement and forecasting is to serve as an aid in the decisions that marketing management has to make Knowledge of market sizes and probable growth patterns provide the basis for the selection of attractive markets It helps in the formulation of appropriate marketing strategies It helps in taking decisions in a more objective and scientific manner and to lessen the risk and uncertainty that accompany subjective decisions and guesswork. It helps evaluating the feasibility of entering new segments

Levels of market measurement

Consumer level Product level Geographic level Time level

Consumer level
The consumer level of market measurement is the most popular level used as it provides information on the number of final consumers defined in different market segments For example, the consumer level of the market for potato chips would provide measurement information on segments such as schools, sports meetings and private households.

Product level
As most markets are targeted by various formats of the same product, the market measurement can also be expressed in terms of the total number of current buyers for each product type.
As most markets are targeted by various formats of the same product, the market measurement can also be expressed in terms of the total number of current buyers for each product type.

Geographic level
The total market can be divided into geographical segments and it is thus possible to express the market measurement in geographic terms. For example, Potato chips can, for instance, be divided into sales for each of the provinces of country or for certain climatic regions.

Time level
A market measurement should also be specific in terms of the time of purchase and provide information on the sales over different time periods such as monthly sales, seasonal sales and annual sales. For example, Potato chips sales can be divided into sales in different season in a region.

marketing forecasting
Marketing forecasting means estimation of the demand for the good in the forecast period. It is a process of estimating a future event by casting forward past data. The past data are systematically combined in a predetermined way to obtain the estimate of future demand.

Why marketing forecasting..

Planning of a new unit or expansion of an existing unit. A multi-product firm must ascertain not only the total demand situation, but also the demand for different items separately. Appropriate production scheduling so as to avoid the problem of over-production & the problem of shortsupply. Helping the firm to reducing costs of purchasing raw materials. Determining appropriate price policy. Setting sales targets & establishing controls & incentives. Evolving a suitable advertising & promotion programme.

Forecasting methods

CONCLUSION
Marketing measurement and forecasting is part of market research. Both tools are very important because through these tools a company understand the market in which he has to compete. In present scenario of market every company put emphasis on these tools to walk one steps ahead from competitor. Various MNCs use these tools-KFC,APPLE, Nokia,Harley-Davidson,ITC ltd,TATA etc.