Better decision making on your strategy with Total Market Forecasts
What is it?
The GfK Market Coverage is defined as the ratio between the sell-out quantity GfK measures per product group/country in the retail panel (Panelmarket, i.e. the respective total of defined channels) and the estimated total domestic sales for this product group (Total Market, i.e. all sales of the product group in a country).
For example:
3.2k GfK Panelmarket Sales Units /
4.4k Total Market Sales Units
= GfK Market Coverage of 73%
Sales Units of the Total Market are an estimation by GfK based on the Market Coverage for each product group (e.g 73%) where the sales of the Panelmarket (e.g 3.2k units) is extrapolated to the Total Market (e.g 4.4k units), with all other things remaining constant. Currently, Total Market Sales Units are available for monthly data only.
Generally, the GfK Market Coverages are evaluated for a full calendar year based on local market knowledge, data from industry associations, desk research etc. as applicable.
The Accuracy shown in the Total Market forecasts equals our forecast accuracy based on the GfK Panelmarket data.
How can you use it?
To view the Total Market forecast, first select the Monthly time frame and Total Market from the channels drop down.
The chart will now switch from Panelmarket to display the Total Market forecast in Absolutes.
As you scroll further, a Past Trends chart is available, providing a Total Market view on both forecasted and up to 5 years of historical data.
Running total charts are also available for the Total Market, with a full 18-month view and up to 5 years of historical data. Simply switch the display selection from Absolute to Running Total.
Stay tuned as we continue to bring in more enhancements for Forecasting in gfknewron Predict!