Marketing Analysis Steps

To identify and analyze the internal and external factors that affect the organization's performance and market position.

Psychographic segmentation is a method of dividing a market into smaller groups based on personality traits, attitudes, values, and lifestyle. It is used to create targeted marketing campaigns that resonate with specific consumer groups.

The key steps involved in designing a market survey are: defining the research objectives, determining the sample size and selection, developing the questionnaire, and selecting the data collection method. These steps are important because they ensure the survey yields accurate and reliable data.

<p>The advantages of using secondary data are: cost-effectiveness, time-saving, and accessibility. The limitations are: lack of relevance, accuracy, and timeliness. Secondary data should be supplemented with primary data from market surveys to ensure comprehensive market analysis.</p> Signup and view all the answers

<p>The purpose of data analysis and interpretation is to extract insights and meaning from the collected data. The key steps involved are: data cleaning, data coding, data analysis, and data interpretation.</p> Signup and view all the answers

<p>The benefits of using a simple moving average method are: ease of calculation, simplicity, and low cost. The limitations are: it is sensitive to extreme values, ignores trends and seasonality, and is not suitable for long-term forecasting.</p> Signup and view all the answers

<p>Positioning is the process of creating an image or identity for a product or service in the minds of target consumers. Companies apply positioning strategy by identifying a unique niche or benefit that differentiates their product or service from competitors.</p> Signup and view all the answers

<p>Technical analysis is important because it evaluates the technical viability of a project idea. The key aspects involved are: evaluating the technical capabilities of the organization, assessing the availability of resources, and examining the environmental impact of the project.</p> Signup and view all the answers

<p>WMA = W1 x D1 + W2D2 +............+ Wn x Dn, where W1, W2, …, Wn are the weights for the different periods in percentages and W1+W2+…….+Wn = 1</p> Signup and view all the answers

<p>WMA allows the forecaster to compensate for some known trend in demand or seasonality of demand by carefully fitting appropriate coefficients of weights to those periods.</p> Signup and view all the answers

<p>The weights in WMA are assigned by the forecaster, whereas in ESM the weights are assigned exponentially, with the most recent period having the highest weight and the weights decreasing exponentially for each successive older period.</p> Signup and view all the answers

<p>The expression is: Successive weights are w(1-w), w(1-w)^2, etc.</p> Signup and view all the answers

<p>The coefficient of smoothing (w) determines the rate at which the weights decrease exponentially for each successive older period.</p> Signup and view all the answers

<p>ESM requires less data storage and computing compared to MA, making it a more efficient method.</p> Signup and view all the answers

<p>The implication is that more recent data is given more importance in the forecast, and the importance decreases exponentially as the data gets older.</p> Signup and view all the answers

<p>The choice of w is critical because it affects the accuracy of the demand forecast, and a wrong choice can lead to poor forecasting results.</p> Signup and view all the answers

<p>The primary factors that influence the selection of a suitable method for demand forecasting are the cost of operating and maintaining the forecasting technique, and the level of accuracy required.</p> Signup and view all the answers

<p>The limitations of the 'Collective opinion survey' method of demand forecasting include the potential for biased opinions, lack of expertise, and faulty forecasts.</p> Signup and view all the answers

<p>Organizations can optimize the conflicting factors of cost and accuracy of demand forecasting by selecting a method that balances cost and accuracy, such as simple statistical techniques that can be computed on a computer.</p> Signup and view all the answers

<p>The key components of a marketing plan include the current marketing situation, opportunity and issue analysis (SWOT analysis), and objectives.</p> Signup and view all the answers

<p>The purpose of conducting an opportunity and issue analysis in a marketing plan is to identify key issues and opportunities for the organization, including internal strengths and weaknesses, and external opportunities and threats.</p> Signup and view all the answers

<p>The key questions to ask when analyzing the current marketing situation in a marketing plan include 'Where is your organization now?', 'Who are your customer groups?', and 'What are their needs and requirements?'</p> Signup and view all the answers

<p>The current marketing situation informs the development of objectives in a marketing plan, which are guided by the key issues and opportunities identified in the situation analysis.</p> Signup and view all the answers

<p>It is essential to consider the external environment in a marketing plan because external factors, such as competition and environmental factors, can affect the organization's operations and marketing efforts.</p> Signup and view all the answers