Assignment 2

Table of Contents

Section 1 Interpret trends and market developments. 3

Question 1. 3

Question 2. 3

Question 3. 3

Question 4. 4

Question 5. 4

Question 6. 4

Question 7. 5

Section 2 - Analyze qualitative results. 6

Question 1. 6

Question 2. 6

Question 3. 6

Question 4. 7

Question 5. 7

Section 3 - Report on market data. 8

Question 1. 8

Question 2. 8

Question 3. 8

Question 4. 9

Question 5. 9

References. 10

 

 

Section 1 Interpret trends and market developments

Question 1

Statistical analysis is an essential part of market research as it compiles the complex situations for turning them into meaningful insights. Correct application of the principle of statistics enables to develop accurate outcomes with statistical analysis. The statistical analysis provides the demographic information and further they are used for competitor analysis in the market (Fagerland, Lydersen and Laake, 2017). Statistical analysis can help in identifying the major competitors in the market along with their market share. Statistical analysis enables to measure the customer satisfaction, brand loyalty and assessment of relationship among company and customers. Statistical analysis is essential for understanding trends in the market.

Question 2

Statistical analysis in business allows the managers to analyze the business performance. Statistical Analysis is also useful in prediction of the business practices in future. Statistical analysis allows to set the prices of products as required in specific market conditions. Statistical analysis assists in projecting the future financial needs of business. It is essential to have sufficient time for business expansion. Strong financial decisions can be taken in business considering the statistical analysis (Little and Rubin, 2019). The business performance can be also measured with the help of statistical analysis. Experiment with process is done for enhancing management decisions by statistical analysis.

Question 3

a. Measures of central tendency

The central tendency is defined as the statistical measure which represents specific value of overall distribution or a particular dataset. The central tendency of a particular dataset can be determined by utilizing three measures which are mean, median and mode.

b. Mean and median

Mean is the average value of the entire dataset. The mean value can be calculated as summation of all values of the dataset divided by the total number of values.

Median is the middle value of a specific dataset. The dataset needs to be arranged in ascending or descending order.

Question 4

a. Measures of dispersion

Measures of dispersion state the layout of dtaa around central value. The central value can be mean, median or mode. The measures of dispersion are range and standard deviation. Variance is also a part of measures of dispersion.

b. Correlation

Correlation is the statistical measurement that defines the relationship among variables. It states whether linear relations exist among the variables. Correlation can be positive or negative. Positive correlation defines one variable increases with the increase of another variable. Negative correlation defines one variable increase with decrease of another variable.

Question 5

Market trends or development that can impact the business are as follows:

Advance in artificial intelligence - AI is increasing productivity as well as efficiency in operations in the market. It will impact the business process.

Shifts in economic growth - Combination with technology and socio-economic trends, it will impact the business in future (Joueid and Coenders, 2018).

Expansion of education - More access to education is due to technology adoption. The business will be impacted with professional services.

Advance in mobile internet - Most people in the market have access to mobile internet. Thus more opportunities can be achieved in business with such advancement.

Expansion of affluence in economic development - Increasing technology and education can provide more opportunity in developing countries. Thus, business operations can be impacted.

Question 6

The statistical data collected on competitors can be used in guiding business decisions. The business performance of the competitor can be analyzed with statistical analysis. Analyzing the business performance, decisions can be taken regarding future business operations. The future prediction can be made in business practice. Thus, decisions regarding implementation of business practice can be made with statistical data analysis. Organization can be led successfully with the collected statistical data by understanding the growth of competitor.

Question 7

In analyzing the competitive information, different techniques can be used. Statistical analysis can be done to analyze competitive situations. Statistical analysis allows for understanding the pattern or trend in competition in the market. SWOT analysis can be done to gain insights into the positive and negative side. The opportunities and threats can be defined with such analysis (Thabit and Raewf, 2018). Porters five forces can be used for analyzing competitive information. The market force can be examined by this framework. Strategic group analysis can be further done to analyze competitive information spooning on similarity of strategy.

 

Section 2 - Analyze qualitative results

Question 1

Qualitative data that can be analyzed for determining success of marketing activities in business are as follows:

One to one interview - The data collected from the interview process can be used for analyzing purposes. Practical information can be analyzed here.

Focus groups - Group discussion settings limited to a certain number of people with valuable information going around can be analyzed.

Longitudinal research - Data collected repeated over a certain time period can be utilized for analyzing purposes (Bezus and Golovko, 2021).

Observational study - Keeping an eye on the target region and collecting the data can be analyzed simultaneously.

Record keeping - Reliable documents and sources are kept in record. Data can be analyzed for understanding the success of marketing activities.

Question 2

There is a requirement to evaluate whether services and products are performing better or not. Reviewing the performance of products or services enables to understand whether customers' demands are fulfilled or not. The actual requirements of the customers can be understood by determining the performance. Reviewing the performance further enables to make necessary changes in service or products that can be suitable for market conditions. The product or services that are performing good can be continued and innovation can be brought. The products or services that are underperforming can be discontinued to prevent any loss.

Question 3

Forecasting the existing and emerging market needs is beneficial in many ways. Existing market needs can be used to identify the actual requirements in the market. Changes or improvements can be made accordingly. Decisions can be also made based on the existing market need. Forecasting the emerging market need can be useful to develop solutions regarding any risk arising area (Hollensen, 2018). Such a solution can be beneficial for mitigating risks. Emerging market needs can be also utilized for shaping current market needs for the future.

Question 4

There are some relevant methods that play a crucial role in determining market needs. There are some key market forecasting methods mentioned below:

●      Buyer survey is an effective technique to determine intentions of the customer.

●      Selection of relevant financial tools is a crucial method to forecast market needs.

●      It is necessary to evaluate responses from the customers for determining market trends.

●      The financial management can identify the overall demand by analyzing the amount of sales retrieved from the business.

●      The authority can indicate the growth rate of the market to determine market needs using the straight line method.

Question 5

Market forecasting process is a relevant technique to evaluate growth in the market. It is essential to identify more accurate financial performance of an organization. Overall market segment can be considered in this aspect (Barra et al. 2020). The financial manager can be involved in the forecasting process. They can also determine business trends in the market. Senior manager of finance plays a crucial role in this aspect. He is responsible for evaluating the monetary standings of the market.

 

Section 3 - Report on market data

Question 1

Visual interpretation provides a clear overview on the data interpretation process. Interpretation and plotting relevant data is necessary to retrieve crucial information. Data structure can be developed in this process. This technique is essential for visual presentation to identify market trends. The authority can also get relevant output by data interpretation process. Thus, it is necessary to initiate statistical analysis to spot the pattern of relevant data. As mentioned by Hassen et al. (2020), quantitative aspects of the business can be identified in this process. It is also important to plot and interpret data for evaluating an effective model for the business. Thus, it helps the organizational management for visual presentation of data to provide detailed information to the stakeholders.

Question 2

There are some relevant tools and support that can be needed to interpret and visual presentation of data. Some examples of the effective tools are mentioned below:

●      For interactive data visualization, it is necessary to use Tableau as a relevant tool.

●      Excel is a popular tool for data analysis and interpretation.

●      Python is considered as an effective data analysis tool.

●      It is crucial for the authority to use google charts for visual presentation of the data retrieved from analytical methods (Zhou et al. 2019).

●      D3 (Data Driven Documents) is also used for visual representation of data.

Question 3

The problems that can happen in representing the data visually are indicated below:

●      Sometimes the authority can face problems due to errors in calculations.

●      Selecting the wrong visualization process is also considered as a huge problem in preparing visual data presentations.

●      Sometimes it is difficult to understand data for the viewers. They have to face some tough situations in understanding visual data presentations.

●      The viewer can face some difficulties whether there is too much data in the data set. It results in unnecessary data gathering in the chart or other data representation tools.

Question 4

There are some relevant questions that an individual can ask himself to prepare a report regarding visual representation. It is necessary to judge the audience before providing crucial data. The relevant questions are mentioned below:

●      What is the expectation of the viewers regarding data presentation?

●      What are the outcomes from the data analysis and interpretation?

●      What is the relevant tool that an individual can use to initiate visual representation of data?

●      What visualization effect can be used to make the audience understand relevant data?

●      Which visualization process can attract the audience?

Question 5

Requirements of the report have to be identified at the initial stage of writing the report. In the present scenario, the report has to meet the requirements regarding market trend analysis. It is necessary to monitor and demonstrate the format and content of the report to meet all the requirements of the organization. It is also necessary to determine the scheduling process to ensure effective outcomes (Wen et al. 2019). A detailed analysis on the overall content of the report is also essential to identify whether the report can meet the objectives of the organization or not. An effective strategy to meet the organizational demand is necessary in this aspect.

 

References

Barra, S., Carta, S.M., Corriga, A., Podda, A.S. and Recupero, D.R., 2020. Deep learning and time series-to-image encoding for financial forecasting. IEEE/CAA Journal of Automatica Sinica, 7(3), pp.683-692.

Bezus, R. and Golovko, L., 2021. System approach to organic producers marketing activities based on the sustainable development concept. Bulgarian Journal of Agricultural Science, 27(1), pp.88-96.

Fagerland, M., Lydersen, S. and Laake, P., 2017. Statistical analysis of contingency tables. Florida: CRC press.

Hassen, O.A., Darwish, S.M., Abu, N.A. and Abidin, Z.Z., 2020. Application of Cloud Model in Qualitative Forecasting for Stock Market Trends. Entropy, 22(9), p.991.

Hollensen, S., 2018. Marketing management. London: Pearson UK.

Joueid, A. and Coenders, G., 2018. Marketing innovation and new product portfolios. A compositional approach. Journal of Open Innovation: Technology, Market, and Complexity, 4(2), p.19.

Little, R.J. and Rubin, D.B., 2019. Statistical analysis with missing data (Vol. 793). New Jersey: John Wiley & Sons.

Thabit, T. and Raewf, M., 2018. The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).

Wen, M., Li, P., Zhang, L. and Chen, Y., 2019. Stock market trend prediction using high-order information of time series. Ieee Access, 7, pp.28299-28308.

Zhou, F., Zhou, H.M., Yang, Z. and Yang, L., 2019. EMD2FNN: A strategy combining empirical mode decomposition and factorization machine based neural network for stock market trend prediction. Expert Systems with Applications, 115, pp.136-151.