Research Topics:

Data Analysis | Quantitative Research

Content Type:

Glossary

Estimate Definition

A numerical value obtained from a statistical sample and assigned to the population parameter.

An estimate is a rough or approximate calculation of values, as well as numbers, quantities and extent. In marketing research, an estimate refers to a calculated prediction of certain parameters, metrics or numerical values obtained from a statistical sample from collected data and statistical analysis. The number can help quantify measurements like consumer behavior, market trends or business performance. Estimates are useful in reducing uncertainty research by offering a glimpse into potential outcomes. This approximation can help businesses foresee market reactions. 

Who relies on an estimate?

Marketing managers, business analysts, market researchers and business decision makers seek estimates to guide strategic planning, budget allocation and campaign optimization.

Why should I care about an estimate?

Estimates can provide actionable insights for informed decision making. This data-driven approach can lead to successful marketing campaigns and enhanced return on investment. Marketing and business provides rely on estimates to make better choices about product development, target audience selection, pricing strategies and resource allocation.