Interpret market trends and developments bsbmkg507a

From finding new products to sell on your ecommerce website to searching for content ideas, the list of potential uses for Google Trends is endless. Here is a quick guide to using Google Trends to benefit your business.

Harvard Topic 1 - Information for marketing decisions Organisations, if they are to succeed, must make informed decisions. In marketing, decision makers must keep abreast of developments in many areas including economic, technological, political, social and environmental developments and trends.

It is clear that businesses spend much of their time being involved with activities in the present or day to day operations, that all employees are familiar with. But they are also involved in planning for the f View More Topic 1 - Information for marketing decisions Organisations, if they are to succeed, must make informed decisions.

But they are also involved in planning for the future, and this planning process requires strategic input from managers, predictions of future circumstances that will impact on the business, numerical data such as budgets and qualitative and quantitative data from a range of sources including the internal and external business environments.

Analysing trends and market developments is an important component of this planning process.

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Predictions of key internal and external variables, such as sales and market share, input prices, demographic and psychographic shifts, interest rates and economic activity need to be incorporated with strategic input to develop forecasts for key performance indicators of the business.

Concluding Notes One of the basic tasks of a Marketing Manager is to monitor the environment and follow the progress of their marketing strategies in the business performance over time. Some familiar examples are monthly sales, quarterly interest rates, and annual profits.

Interpret market trends and developments bsbmkg507a

To describe these statistics in a table, or visually such as in a graph, is to communicate just the bare facts. Interpreting statistics offers two complimentary contributions to the collection of data.

First is a description of the pattern of data now recorded.

Interpret market trends and developments bsbmkg507a

For example, it may become very clear through analysis of a time series that a regular pattern of variation is present. Examples would be an annual jump in toy sales before Christmas or monthly sales of electricity over a year or weekly sales of packaged beer and its correlation to sales promotion campaigns.

Understanding the regular jumps and dips in the long term pattern and those induced by marketing activity can provide insight into the overall behaviour of the series and help plan for the future.

Interpret market trends and development | Copywriting | Research Writing | Technical Writing

Planning involves the second contribution of statistics, projection of the series into the future, or business forecasting. As in other uses of statistics, projections are based on assumptions, i. Quantitative methods can only provide support for guesses about the future.

Qualitative methods of projecting into the future similarly provide educated guesses from data gathered in consumer research or from expert opinion. In either case it is clear that quantitative and qualitative support for guesses about the future are valuable contributions to keeping more intuitive projections from going too far afield.Read on.

Affordability, labor scarcity, and the forces shaping the coming year in real estate. Share Top 10 emerging trends shaping real estate in there are signs of a development. This unit of competency is about being able to use the skills and knowledge required to interpret market trends and developments.

This will assist you in gaining the Unit of Competency BSBMKG Development of the global smartphone market, touching on its market volume forecast for the period and market share by branded vendors for the period Summary of three new.

Developers who focus on and market design and efficiency, and tailor their products to ever-evolving workplace trends (flexibility, green design, smart office space), will benefit greatly.

BSBMKGA Interpret market trends and developments.

Redirecting to My Skills in... September This unit applies to marketing professionals who use statistical techniques to analyse organisational and competitor marketing performance, and to interpret new and emerging trends when forecasting future business needs.

Element: BSBMKGA /01 Interpret trends and market developments. Performance Criteria: Use statistical analysis of market data to interpret market trends and developments Analyse market trends and developments for their potential impact on the business.

Interpret Market Trends And Development Task 1 Interpret the market trends or developments by analysing the data that you have been initiativeblog.com should complete this task by conducting appropriate statistical analysis of the market data to prepare information about the actual trend or initiativeblog.com main aim is to determine how these trends or.

4 Factors That Shape Market Trends