ask B

Outline internal and external sources of information relevant to forecasting market trends including:

business and strategic objectives

marketing and other business performance

comparative market information

changes in technology

demographic changes

social and cultural factors

economic trends

government activities and legislative changes

industry trends

supplier data

Task C

How statistical and qualitative analysis techniques are used in a report to explain the following:

·        Current business performance

·        Competitor performance

·        Potential threats and opportunities

Task D

Describe how you can use and apply qualitative and forecasting techniques to identify:

·        Success of marketing activities

·        Over and under-performing products and services

·        Existing and emerging market needs

Task E

Outline the legislative and regulatory context as it applies to marketing.

Internal and external sources of information are key in determining marketing trends. Internal sources of the information are from within the business while external sources are from outside the business. Some of the examples of the internal sources are finances, employees, operations, and the general maintenance of the business. While the external sources of the information can be split into two that is primary and secondary sources. The primary sources can be from the customers, agents, salespeople while the secondary can be from the newspapers, journals, government reports, international agencies, institutions among others.

 

The qualitative techniques involve the use of descriptive methods and ways like the observation that can be seen but not measured while statistical involves giving figures and numbers implying that it can be quantified.

 

Both qualitative and statistical plays a critical role in market forecasting since they provide crucial information about the products for the purpose of growth and development.

 

The legislative and the regulatory context set the minimum standards and guidelines that need to be adhered to by any business when marketing its products.

Step-by-step explanation

Task B

The internal and external source of the information that is relevant for forecasting marketing plays a pivotal role in the success of any business. Internal sources of the information are from the business. Some of these sources are the employees, finances department, advertisement reports, general operations, and the maintenance of the business. while the external sources can be divided into two that is primary sources and secondary sources of the information. The primary sources of the information are the consumers, agents, the salespeople while the external can be from journals, newspapers, government reports, international agencies, institutions among others.

 

Internal sources of the Information

 Employees are the staffs both the top managers, line managers, subordinate staffs all working within the business premises with a common goal. They offer crucial information to the stakeholders for better decision making since they are the ones in the line of duty.

 

Financial information like the profit and loss account, cash flows, purchase, and sales odder all gives first-hand information on the general performance of the business.

 

General maintenance of the business can be attributed to advertisement cost, transport cost, production cost, machine repairs among others also offers valuable information for decision-makers on matters of forecasting.

 

External sources of the Information

These are divided into two:

The primary sources of the information

The consumers are the ones who utilize the goods or the services for their satisfaction by obtaining it from the organization either through purchase consideration or promotional products. They provide information on such things as taste, preferences, color, sizes, design among others.

 

The agents can the retailers or wholesalers who obtain the products from the business venture and sell it to the final consumers. The interaction of the agents and consumers helps them monitor the daily sales of the products, customers' feedbacks, competitors among others which could be crucial for the decision-makers.

 

Salespeople are the marketers of the products and the representative of the business. Their daily interactions with the customers during the sales and promotions offer them direct interactions with the consumers of the products.

 

Secondary sources of the information 

The newspapers both new and old carry some crucial information either about other firms, advertisement, financial reports, new products, fashions, designs, trending products among others that could be crucial to the market forecasting.

 

The Journals of particular products helps the firm to make better forecasting on market trends. Most journals discuss the customer's experiences on particular products, tastes, and preferences, emerging issues among others. Some of them are the Capital Market Authority, New York Financial Times

 

Government reports are basically on the policies, environmental concerns, new laws like taxation, census report, subsidies that could be of great importance in forecasting the market trends. At times these policies keep on charging and some are so punitive with legal implications if not well followed or adhered to.

 

Trade associations And International agencies like the World Trade Associations keep on giving updates on issues affecting international trade like sanctions, world economic zones, free trade areas, trade tariffs, a common market that could be crucial in forecasting. Some of these international agencies could be chambers of commerce, International organization for labor (IOL), International Monetary funds (IMF), World Bank, among others.

 

The institutions like universities, colleges, among others offer valuable sources for marketing research. They among other things contain research findings by other researchers on marketing among other areas.

 

 

 

Business and the strategic objectives 

Internal sources of information for business and strategic information can be obtained from; the managers of the organization while external sources can be obtained from customers, agents, journals and government reports among others.

 

Marketing and other business performance

Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

 

comparative market information

Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

changes in technology

 Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

 

demographic changes

 

Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

social and cultural factors

 Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

economic trends

 Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

government activities and legislative changes

 Internal sources: Employees employment files, marketing reports on levies, financial reports on taxes

External sources: Consumers, salespeople on competitions and consumer authority, agents reports on an agency, governments reports like bills, constitutions, international agencies

industry trends

 Internal sources: Employees, marketing reports, advertisement reports, financial reports

External sources: Consumers, salespeople, agents, governments, international agencies

supplier data

Internal sources: marketing reports, advertisement reports, financial reports including purchase and sales reports

External sources: Consumers, salespeople, agents, governments on procurement acts, international agencies

 

Task C

Task C

How statistical and qualitative analysis techniques are used in a report to explain the following:

· Current business performance

The statistical analysis techniques use a mathematical equation like the deviations, average, which involves the use of figures and numbers to show how the business is performing. The use of the statistical method has yielded reports like the cash flows, profit, and loss account while the use of the qualitative method has enabled the business to get customers feedbacks on taste and preferences, competitors strategies among others.

 

· Competitor performance

The use of statistical techniques gives information like the demographic data, sales totals, quantity sold in a particular market segment, advertisement cost, among others while the qualitative reports show details of the products like rebranding, product designs, and competitive strategies like quality and technological advancements.

· Potential threats and opportunities

The statistical techniques help the business knows such reports from the external forces that could affect the business. Such statistical reports on threats and opportunities could be the cost of the raw materials, government tariffs, and consumer trends. The qualitative reports provide such information as the weather patterns, political issues and laws, market demands, and use of technology by a firm.

 

Task D

Describe how you can use and apply qualitative and forecasting techniques to identify:

· Success of marketing activities

The automation of activation programs, post-sales emails, data collection, contents creation, advertisement, delivery, value exchange can help boost the sales of the product and services plus the brand. The use of these qualitative methods like the focus groups, conducting interviews or even observation and using forecasting methods like time series could help to access the success of marketing activities

· Over and under-performing products and services

The qualitative like the observation or application of questionnaire with the use of forecasting method like the time-series, econometric or judgemental forecasting can greatly help in accessing over and underperforming products and services and necessary action is taken by the decision-makers.

· Existing and emerging market needs

The use of qualitative and forecasting methods can help in providing existing needs like demand and daily consumption of the products. The techniques can also be used to identify the customer gap on market like on quality, taste, and preferences and works towards providing superior products over those of the competitors. The methods could also help in identifying the competitor marketing strategies like trade promotions, after-sales, training, advertisements, use of technology and works towards market penetration.

 

TASK E

Outline the legislative and regulatory context as it applies to marketing.

The advertisements made should not be on lethal or harmful products that claim lives and cause potential risk to the general population, minority, or ethnic groups.

 

There should be a fair competition of the consumer products with no direct attacks or defaming the products or services of the competitors.

 

There should be no trade barriers so as to hinder potential entrants into the market. There should be free entry and exit from the market.

 

The marketing plan covers the products and services that you offer, the prices, the area of operation, and any promotion you might be working on.

 

As the business uses technology on social accounts and other methods to advertise its products and create awareness the integrity should be highly observed. The products that get advertised should also be of the same standards and quality when delivered to customers.