498496
Analysing markets and
marketing
- Quantitative analysis
- Test marketing
- The introduction of a product to a certain
geographical area, in order to asses its
likely success or the effectiveness of the
marketing methods used
- Benefits- based on actual
purchases so a reliable predicter
of future success. Not as
expensive as a national launch
- Disadvantages- competitors
may copy, people may only
buy due to the novelty of the
product (exaggerating true
success), special offers can
lead to a successful start
which cant be maintained.
- Disadvantages- competitors
may copy, people may only
buy due to the novelty of the
product (exaggerating true
success), special offers can
lead to a successful start
which cant be maintained.
- Benefits- based on actual
purchases so a reliable predicter
of future success. Not as
expensive as a national launch
- The introduction of a product to a certain
geographical area, in order to asses its
likely success or the effectiveness of the
marketing methods used
- Analysis of trends/ moving averages
and extrapolation
- A trend is an underlying pattern of
change in a set of numerical data
- Moving averages are a calculation of the average of a set of data
covering a defined period of time any flactuations are eliminated (
e.g seasonal effects) its scientific thus objective and works to
highlight a trend
- extrapolation is using previous records and
patterns in data to predict future values
- disadvantages- less reliable if there are flactuations, assumes past
changes will continue into the future, doesn't take into account
qaulitative factors such as change in consumer taste.
- disadvantages- less reliable if there are flactuations, assumes past
changes will continue into the future, doesn't take into account
qaulitative factors such as change in consumer taste.
- Variations/ flactuations
- Cyclical- Boom and recession
periods
- seasonal
- Random- sales can vary due to changes in taste,
fashion, publicity etc.
- Cyclical- Boom and recession
periods
- A trend is an underlying pattern of
change in a set of numerical data
- Correlation
- A statistical technique used to establish
the strength of the relationship between
two variables. Before drawing any
conclusions a causal link needs to be
established
- A statistical technique used to establish
the strength of the relationship between
two variables. Before drawing any
conclusions a causal link needs to be
established
- Limitations of qualitative forecasting
- Trends don't always continue into the future,
correlation changes over time, external
influences cant be taken into consideration,
corporate objectives may be amended so other
objectives change , market research may lack
reliability, forecasts become harder to do the
further into the future they are, ignores the
special understanding staff of the business
might posses
- Trends don't always continue into the future,
correlation changes over time, external
influences cant be taken into consideration,
corporate objectives may be amended so other
objectives change , market research may lack
reliability, forecasts become harder to do the
further into the future they are, ignores the
special understanding staff of the business
might posses
- Test marketing
- Qualitative forecasting
- the Delphi/oracle technique
- Relies on asking individual experts in
the fiels for their views
- Relies on asking individual experts in
the fiels for their views
- Brainstorming
- all individuals involved
discussing ideas.
Typically used for
problem solving
- all individuals involved
discussing ideas.
Typically used for
problem solving
- Individual hunch
- A mananger may feel that they have
better understanding of the market even
when numerical data is strong they may
suggest something completely different
- A mananger may feel that they have
better understanding of the market even
when numerical data is strong they may
suggest something completely different
- Advantages- with a new product there may be no past numerical
data, trends change, there may be no clear statistical indication of
future sales, factors influencing sales maynot be easy to quantify,
the manager responsible wants to make the final decision
- Disadvanatges- experts may be knowledgeable
but they wont be able to understand all aspects of
the market, quantitative data is more reliiable, if
incorrect about a hunch a manger is open to
criticism
- Disadvanatges- experts may be knowledgeable
but they wont be able to understand all aspects of
the market, quantitative data is more reliiable, if
incorrect about a hunch a manger is open to
criticism
- the Delphi/oracle technique
- Purposes of market analysis
- To gather evidence for a new strategy
- Identifying significant
patterns in sales - can
allow them to have a
competitive advantage
- measures performance,
motivates staff, allows
planning of resources,
work force planning and
budgets
- To gather evidence for a new strategy
- Technology
- Technology has allowed
us to analyse the market
further with the use of
loyalty cards etc.
- Technology has allowed
us to analyse the market
further with the use of
loyalty cards etc.
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