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Assignment
Section 1 Interpret trends and market developments
1. Why is statistical analysis a necessary part of market research?
2. What is the purpose of statistical analysis in a business context?
3. Briefly explain the following terms: a. Measures of central tendency b. Mean and median 4. Briefly explain the following terms a. Measures of dispersion b. Correlation
5. List at least five market trends or developments that might impact on your business.
6. How could you apply the statistical data you obtain on competitors to guide your business decisions?
7. What techniques could you use to analyse competitive information?
Section 2 Analyse qualitative results
1. List at least five different types of qualitative data that you would analyse to determine the success of marketing activities in the business.
2. Why is it necessary to determine whether products and services are over or under performing?
3. Why is it important to forecast existing and emerging market needs?
4. List at least five methods that you could use to forecast market needs. 5. Who should be involved in the forecasting process?
Section 3 Report on market data
1. Why is it necessary to plot and interpret data for visual presentation?
2. What tools and support might you need to do this? Give at least 5 specific examples.
3. What are some of the problems that might occur in preparing visual representations of data?
4. What are some of the questions you should ask yourself when preparing to write your report that will include these visual representations?
5. How would you determine whether or not your report meets the organisations requirements for content, format, level of detail and scheduling?
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