Briefly explain why empirical consumer demand studies such as Patrick

Briefly explain why empirical consumer demand studies such as Patrick McCarthy’s study of automobile demand are relevant to managers.

What will be an ideal response?

ANSWER

Such studies illustrate the types of data available for analyzing the demand for different products. In many instances, data sources such as industry and consumer surveys that researchers discover may not have been widely known. Also, empirical demand studies usually provide a discussion of previous studies and demonstrate how researchers conceptualize the problem of estimating the demand for a particular product.