Video Transcriptfellow students, we are given a question in evaluating marketing actions. What are the two dimensions on which they should be evaluated? Okay, so we can write here first days, like evaluate the decision process, evaluated the this season process. Okay. Process used to determine, used to do determine weather here we can write a parties. The process could be improved. The process could be improved for similar situations, for similar situations in the future. Okay. Programs and be parties like we can mention below the marketing research and the marketing research and analysis used to analysis used to develop the recommendations, recommendations was ineffective. So it was effective or florida in a lord. Some way these two games and weekend right here. Second parties like second thomas evaluate the decision, evaluate the this season itself, which which involves monitoring, which involves monitoring the market place to the marketplace. Okay, students cool, determine affection, determined effort action is necessary. Is it necessary in the future? Okay, so basically this is going to be our final answer of this question. Thank you. Show This preview shows page 60 - 63 out of 79 pages. 8-10.In evaluating marketing actions, what are the two dimensionson which they should be evaluated?LO 8-6Describe three approaches to developing a company’s salesforecast.SALES FORECASTING TECHNIQUESForecasting or estimating potential sales is often a key goalin a marketing research study. Good sales forecasts areimportant for a firm as it schedules production. The termsales forecastrefers to the total sales of a product that a firm expects tosell during a specified time period under specifiedenvironmental conditions and its own marketing efforts. Forexample, Betty Crocker might develop a sales forecast of 4million cases of cake mix for U.S. consumers in 2014,assuming consumers’ dessert preferences remain constant andcompetitors don’t change prices.Three main sales forecasting techniques are often used: (1)judgments of the decision maker, (2) surveys ofknowledgeable groups, and (3) statistical methods.Judgments of the Decision MakerProbably 99 percent of all sales forecasts are simply thejudgment of the person who must act on the results of theforecast—the individual decision maker. A direct forecastinvolves estimating the value to be forecast without anyintervening steps. Examples appear daily: How many quartsof milk should I buy? How much money should I withdraw atthe ATM?Alost-horse forecastinvolves starting with the last known value of the item beingforecast, listing the factors that could affect the forecast,assessing whether they have a positive or negative impact,and making the final forecast. The technique gets its namefrom how you’d find a lost horse: go to where it was lastseen, put yourself in its shoes, consider those factors thatcould affect where you might go (to the pond if you’rethirsty, the hayfield if you’re hungry, and so on), and gothere.For example, New Balance recently introduced its Minimus, ashoe that is 50 percent lighter than other lightweight shoes.Its unique features are designed to make running easier andlimit foot injuries. Suppose a New Balance marketingmanager in early 2014 needs to make a sales forecast through2016. She would take the known value of 2013 sales and listpositive factors (good acceptance of its high-tech designs,great publicity) and the negative factors (the economicrecession, competition from established name brands) toarrive at the final series of sales forecasts.35How might a marketing manager for the New Balance Minimus running shoe create a sales forecast through 2016?Read the text to find out.Page 216Surveys of Knowledgeable GroupsIf you wonder what your firm’s sales will be next year, askpeople who are likely to know something about future sales.Two common groups that are surveyed to develop salesforecasts are prospective buyers and the firm’s salesforce. Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 79 pages? Upload your study docs or become a Course Hero member to access this document What is the first step in the marketing research process?The marketing research process is comprised of six steps: 1: problem definition, 2: development of an approach to the problem, 3: research design formulation, 4: field work or data collection, 5: data preparation and analysis and, 6: report preparation and presentation.
Which type of survey offers researchers the most flexibility?Interviews, especially face-to-face interviews, allow you to capture non-verbal nuances that provide more context around the interviewee's responses. ... . Interviews are more flexible as a method of survey research.. What is the fourth step of the five step marketing research process?The five-step marketing research approach provides a systematic checklist for making marketing decisions and actions. The five steps are: (1) define the problem; (2) develop the research plan; (3) collect relevant information (data); (4) develop findings; and (5) take marketing actions.
What types of data can be collected through market research?The data collected can be qualitative data (non-numerical data) or quantitative data (numerical or statistical data). While conducting primary market research, one can gather two types of information: Exploratory and Specific.
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When evaluating marketing actions What are the two dimensions on which they should be evaluated?
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