Showing posts with the label market analysis

Forecasting The Markets by Managing the Data Monster

Accurate forecasting data is paramount to successfully trending the market and creating strategic advantages. A paper by Bill Stringer discusses the use of big data programs and how this influences the success of the chemical industry. For the purposes of my own research, I am considering the merits of big data in proper market forecasting.  Big data can uncover information that is not easy to find or discern. The relationship between the data pieces offers an opportunity to find trends and information that is not contained in standalone measurements.   When organizations use big data well they can more accurately assess performance and variability to meet market trends.  The author believes that big data is the next frontier of nearly every economic sector. Companies will find ways to appropriately analyze large and complex data sets in both the private and public arenas. The ability to harness the data monster will allow for greater waves of growth, productivity and inn

Presentation on How to Conduct Competitor Analysis

How to Conduct Competitor Analysis from Digimind

Analysis for Overcoming Global Business Challenges

A paper in the Journal of Knowledge Management, Economics & Information Technology by Siddhartha Ghosh attempts to explore the methods in which a business may implement a strategy after the global downturn. He argues that the three components includes innovation promotional practices, social and organizational welfare, and ethical behavior.   He discussed the concept of innovation and the overall process of development that should occur. As firms implement new strategies, they will find an increase in market success through the use of proper analysis to meet global challenges.  I-Ideas N-New Plan or Design N-Noticeable Changes O-Optimum Change Evaluation V-Variety A-Adaption to the New Environment/New Business T-Thought process for planned change. I-Ideological developments in business. O-Optimization of changes. N-Numero Uno (Being at the top of the market). The author further contends that there are four major strategies to co

Market Research and Market Forecast

Understanding the needs of the customer is a fundamental activity that coincides with the development of the business. As customers and their patronage are the lifeblood of an organizations existence it is extremely important for organizations understand their needs and wants. One way to do this is to determine the market trends and attempt to find products and solutions that will appeal to customers. To do this well would require a level of market research and market forecasting. The American Marketing Association defines market research as, “ the systematic gathering, recording, and analyzing of data with respect to a particular market, where market refers to a specific customer group in a specific geographic area ” (2011).   Market research collects specific information to study market characteristics while a marketing analysis puts the information into a framework that is understood for prediction purposes. Some assessment tools, such as Ansoff’s Matrix Analysis, provid