Examples of Fourt-Woodlock equation in the following topics:
-
- Estimating sales volume based upon the size of the target market and such tools as the Fourt-Woodlock equation.
- The Fourt-Woodlock equation is a market research tool to describe the total volume of consumer product purchases per year based on households which initially make trial purchases of the product and those households which make a repeat purchase within the first year.
- Since it includes the effects of initial trial and repeat rates, the equation is useful in new product development .
- The left-hand-side of the equation is the volume of purchases per unit time (usually taken to be one year).
-
- Sales volumes must also be estimated based on the size of the market (using, for instance, the Fourt-Woodlock equation).
- Customers base buying decisions on a personal value equation where the value is calculated by weighing the cost versus the benefits.