a) For each of the following data mining tasks, explain the main concepts, typical data input and Information or intelligence outputs. i) Basket Analysis (Supermarkets) ii) Sales Forecasting iii) Database Marketing iv) Market Segmentation v) Innovative products planning
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a)
For each of the following data mining tasks, explain the main concepts, typical data input and Information or intelligence outputs.
- i) Basket Analysis (Supermarkets)
- ii) Sales Forecasting
iii) Database Marketing
- iv) Market Segmentation
- v) Innovative products planning
Step by step
Solved in 7 steps
- The first stage in the market segmentation process consists of A. forecasting total market potential. B. identifying bases for segmenting markets. C. selecting target market segments. D. forecasting market share. E. determining markets.9- The main function of business research is to: a. Attempt to forecast the future behaviour of market only b. Provide the solution to a business problem. c. Identify organizational needs only d. Provide information to assist managers in making business decisions Clear my choice40 Select ALL the tools that are used when conducting an industry analysis. SWOT Analysis Porter's 5 Forces PESTEL Analysis Scenario Analysis
- I need help answering these 3 questions 2.For retailers and channel members, an important method of forecasting sales is A.time series models B.econometric models C.sales force composite estimates D.point-of-sales (POS) based projections 3. In primary research, once data has been collected and the questionnaire has been coded, the next step for the researcher is to A.analyze the data B.interpret the data results C.make recommendations from the findings D.input the data into a computer program 4.Among the sampling decisions that must be made, researchers must select the _____, which is the group of individuals who will be included in the survey. A.sample size B.sampling procedure C.sampling unit D.random probability sampleMarket research is a __________forecasting method:a) Naïve approach b) Jury of executive opinionc) Qualitative d) Quantitativee) Moving averageOutline one advantage and ice-cream company would have for an a. internal reporting system b. marketing intellegence system c. marketing research system d. marketing decision support system
- Market research is a forecasting method:a) Naïve approach b) Jury of executive opinionc) Qualitative d) Qualitativee) Moving averageBriefly explain how the organization forecast sales for its products (digicel)Which of the following statements about marketing metrics is NOT correct? A) If the variance of consumer expenditures is relatively high, then share of wallet is better to measure loyalty than share of category requirement. B)Market share provides information about how sales are distributed among customers. C) Calculating market share and sales growth usually does not require individual customer data. D)Market share is calculated across buyers and non-buyers, whereas share of wallet is calculated only among actual buyers.
- To help you collect the most useful data for your mar-keting plan, develop a three-column table: 1 In column 1, list the information you would ideallylike to have to fill holes in your marketing plan. 2 In column 2, identify the source for each bit of in-formation in column 1, such as doing an Internet search, talking to prospective customers, lookingat internal data, and so forth.3 In column 3, set a priority on information you willhave time to spend collecting by ranking each item: 1 = most important; 2 = next most impor-tant, and so forth.Business plan users measures a business and its growth by means of sales, thus statement of sales is a cru- cial part of your business plan. Sales forecasting is a pillar of your business plan but no wories it doesn' require complex equation. In sales forecast, what you needed is an educated guessing based on the pos- sible demand of your product. Below is the demand and supply of t-shirt among your competitors, analyze the figures in the table and discuss what it fries to imply in the box below. Historical Data Total Demond Supply: Competitor A Supply: Competitor Supply Competitor C Total Supply sold per year B sold per year sold per year Year 1 25,037 1110 1221 1343 3674 Year 2 29,540 1721 1843 1977 5541 Year 3 34,494 2825 2888 2966 8679Using historical sales data, choose a quantitative technique to forecast sales for that organisation for the next sales period. Comment on the appropriateness of the technique used. (digicel)