Market data

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In microeconomics and business administration, market data (also market information ) are all available data on a specific market or market segment . Market data is the most important subject of investigation in market research and marketing .

etymology

The meaning of the compound "market data" is derived from the etymology of the two word components "market" and "data". The market ( Latin mercatus 'trade' from merx 'goods' ) is the place where goods are traded, or more generally the regulated meeting of supply and demand for goods , services and rights . Dates ( plural of “date”; from Latin dare , “to give”, datum , “what is given” ) are (numerical) values, findings that can be formulated or information .

General

Every market provides a multitude of such information that is important for market participants and other interested parties (market research, analysts , information brokers , statistical offices ). In order to be able to assess a market at all and to be able to make statements about the market development , the affected market must be subjected to a market observation , from which the market data is derived. This is followed by a market analysis of all relevant market data. It takes place with the help of standard analysis methods . A total analysis deals with the data of an entire market, the partial analysis examines partial aspects. Special forms of analysis are scenario analysis or weak point analysis . In many markets, data is available as standard that can be used to determine the price-sales function . These include consumer goods markets in which market research institutes such as Nielsen or GfK continuously collect sales volumes , market shares and prices.

species

From a company perspective, the market data can be divided into the procurement market ( raw materials , consumables and supplies ), the labor market ( personnel ), the financial market ( money market and capital market ; financing ) and the sales market ( sales ) according to operational function . The most important of these markets is usually the sales market, on which the further investigation focuses. For market data on the sales market is to distinguish between time series ( English time series data ) and cross-sectional data ( English cross section data ). The latter represent the result of data surveys that are carried out on a statistical unit at a specific point in time . The currently valid opinion of the respondents on a specific question is of interest here . Typical for this are up-to-date surveys on topics that are carried out in various market segments, sales regions or countries. If consumers are asked about the quality of a certain product, for example , it is a question of collecting cross-sectional data. A time series is a chronologically ordered sequence of statistical measures that reflect the change in certain data over time . A statistical measure is, for example, the number of providers in a certain market. The existing providers from different years form a time series. As a rule, econometric regression methods are used to analyze this market data .

With regard to the variability of market data, a distinction is made between structural and operational market data on the sales market. On the one hand, there are structural market data that change very slowly or practically not at all in the medium term. This includes the type of market ( monopoly , oligopoly or polypol ), purchasing behavior , the market power of the supplier or customer (analysis of the market structure ) and the product life cycle . On the other hand, with the operational market data , there are also economic variables that are subject to faster changes. These include the number of buyers, purchasing power , the market volume ( turnover ) that determines the size of the markets , sales volume , price , buyer preferences , product quality or the market phases as specific development stages of a market ( growth market , saturated market , shrinking market , cyclical market ).

The data can also be broken down into the three main groups of market data on the demand side ( customers , purchasing behavior and customer needs , customer satisfaction ), supply side ( competitors , market shares , image and positioning ) and market characteristics (market volume, market trends and market potential ). As part of a market segmentation , customers can be combined into homogeneous groups. Age or gender ( female gender / male gender ) are appropriate for demographic criteria ; income and occupation play a role in socio-economic criteria .

use

Market data fulfills the following functions in terms of market research:

  • Information function : specification and objectification of the facts
  • Structuring function : promoting understanding of the facts
  • Intelligence booster function : support the company management
  • Early warning function : early identification and assessment of risks
  • Innovation function : detection and anticipation of opportunities

The market situation of a company is determined by the market data. Market data can be data parameters if companies - depending on the type of market - have to accept the market price of a product as a given and have to realize their company goals as a quantity adjustor . In this sense, prices are market data that cannot be influenced by the decision maker. However, companies can also use their pricing policy to actively determine the market price within the framework of price leadership through action parameters, if competition and market form allow this. Then, from the point of view of the competition, market prices are the reaction parameters . Other differentiation strategies can be technology leadership or quality leadership.

From the available market data, price and income elasticities can be determined, with which statements about the influence of price changes on supply and demand (price elasticity) or the influence of income changes on demand (income elasticity) can be made. The analysis of market data forms the basis for marketing decisions in companies .

literature

  • Manfred Bruhn: Marketing. Basics for study and practice. 8th edition, GWV Fachverlage, Wiesbaden, 2007, ISBN 978-3-8349-0352-5 .
  • Gilbert A. Churchill Jr .: Marketing Research. Methodological Foundations. 6th edition, Dryden, Fort Worth (Texas, USA) [u. a.] 1995, ISBN 0-03-098366-5 .

Individual evidence

  1. ^ Hermann Simon, Price Management: Analysis - Strategy - Implementation. 1992, p. 131 ( books.google.de ).
  2. ^ Herbert Jacob : New aspects of operational planning. 1980, p. 22 f. ( books.google.de ).
  3. Dominique M. Hanssens, Leonard J. Parsons, Randell L. Schultz: Market Response Models. 1990, p. 45.
  4. ^ Albert Roth, Klaus Löbbe, Hartwig Bartling: Economic power under the aspect of competition policy. 1971, p. 44 ( books.google.de ).
  5. Guido Grunwald, Bernd Hempelmann: Applied market research. 2012, p. 2 ( books.google.de ).
  6. ^ Sylvia Nickel: Desk Research. Develop market information. Internet research. Search methodology and information tools. Cornelsen, Berlin, 2004, p. 9.