Both the bottom-up and the top-down approaches can be used to forecast sales. When might you prefer the bottom-up approach? When might you prefer the top-down approach?
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Both the bottom-up and the top-down approaches can be used to forecast sales. When might you prefer the bottom-up approach? When might you prefer the top-down approach?
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- What forecasting techniques are used in the management of technology and innovation?To carry out their analysis, planning, implementation, and control responsibilities, marketing managers need a marketing information system (MIS) to assess information needs, develop the needed information, and distribute it in a timely manner. Assume that you are a Marketing Manager of Foodpanda and your company wants you to deploy an efficient Marketing information system. Explain how marketing intelligence will help Foodpanda in collecting information and forecasting demand?Is there a difference between forecasting demand and forecasting sales? Can demand be forecast from historical sales data?
- Why is forecasting important to marketsegmentation?To carry out their analysis, planning, implementation, and control responsibilities, marketing managers need a marketing information system (MIS) to assess information needs, develop the needed information, and distribute it in a timely manner. Assume that you are a Marketing Manager of Khaddi and your company wants you to deploy an efficient Marketing information system. Explain how all the components of the Marketing Information system will help Khaadi in collecting information and forecasting demand?Assume that this restaurant was one of a chain of 20 restaurants across Greater Sydney with a head office in the CBD. Compare and contrast the Jury of Executive Opinion and the Sales Force Composite Method when it comes to generating business forecasts. You must contextualise your discussion to this case study
- Use the guiding questions below to develop recommendations based on the June budget to help the manager of the marketing department • How does the master budget help the manager understand the company’s external environment and the impact the environment have on the marketing department? • How does the budget help the manager with forecasting?How do you explain a technique used to analyze the quantitative data for resolving either a personal or business problem, and how the analysis technique helped accomplish your objective of resolving a personal or business problem?Predictive Data Analytics - Forecasting tools are used to predict how a sample population is going to behave based on past precedent. A classic example is forecasting stock prices or predicting consumer behavior Descriptive Data Analytics - Simply put, it is a numeric that represents a variable. Your book states that the world Population is 7-Billion in 2015.....this is descriptive. Or gas prices today are $3.50 per gallon Prescriptive Data Analytics - Like your book states, it is a methodology that seeks to make decisions (prescription) based on Descriptive data. The most classic example is the U.S. Census. Census Workers go from door-to-door asking people in households questions such as "how many people live in your home?" "What are their ages?" "What are their gender". The answers to these questions provide the U.S. Government with the information they need in order to provide services that will support the Constituency in a particular geographic region or area. Of the 3 types of…
- How can market forecasting help businesses make informed decisions?Discuss the relevance of the top four forecasting methods for a small or medium-sized firm to predict future revenues and capital costs of a businessDetermine the type of business analytics for the following scenarios. A. Imagine you are a meteorologist. You have to foretell the weather for the next two weeks by analysing the data from the satellites. Here, you have to apply advanced statistical, information software, or operations research methods to identify predictive variables and build predictive models. Discuss in detail which type of business analytics will be suitable for this scenario.