1.Market Research, Assessment and Forecasting Flashcards
Explain the reasons for using benchmarking techniques in marketing process.
Benchmarking techniques are utilized in the marketing process to improve performance by continuously identifying, understanding, and adapting the best practices and processes found both inside and outside the organization. This process helps in measuring economic conditions using statistical models to predict market attractiveness and the organization’s competitive position factors at a future time, thus enhancing the marketing strategies and actions.
State the steps followed in the marketing research/analysis process for identifying target markets.
- Formulating Objectives
- Determining Information Needs and Data Sources
- Research Design
- Selecting Sample and Size
- Collecting Data
- Tabulating, Analyzing, and Reporting Data
State the basic tools and techniques used in risk analysis, related to bringing a new product or service to the market.
Basic tools and techniques in risk analysis include cause and effect diagrams (Ishikawa or fishbone diagrams) to identify the cause of risks, system or process flowcharts to show interrelations and causations, and influence diagrams for graphical representations of situations showing causal influences and other relationships between variables and outcomes.
In conducting a risk analysis, explain the use of Fishbone cause and effect diagram (show the diagram). State categories typically used to identify risk causes.
The Fishbone (Ishikawa) diagram is used to identify potential causes of a specific risk. The head of the fish represents the risk under consideration, and each bone represents a potential cause of risk. Categories typically used to identify risk causes include the Four M’s (Methods, Machines, Materials, Manpower), the Four P’s (Place, Procedure, People, Policies), and the Four S’s (Surroundings, Suppliers, Systems, Skills).
What is the purpose of Influence Diagram in performing risk analysis? (Give a figure).
Influence diagrams provide a simple representation of a decision process, showing the essential elements of a problem including decisions, uncertainties, and objectives, and how these elements influence each other. It helps in identifying and displaying the relationships and influences among different variables and outcomes in a risk analysis context.
What are the key elements of a risk management plan?
- roles and responsibilities for conducting risk management activities
- budgets
- scheduled activities to manage risk
- risk categories
- definition of probability and impact
- a probability and impact matrix
- and a statement of stakeholders’ risk tolerance.
Briefly state the characteristics of some technological forecasting models used in industry.
Technological forecasting models, such as Curve Fitting, Analogous Data, Time Series Models, Moving Average, Exponential Smoothing, Decomposition Models, and Box-Jenkins Models, are used for predicting technological advancements and trends. These models utilize a combination of historical data analysis, statistical techniques, and assumptions about future trends to forecast technological developments in the industry.
What is the purpose of trend analysis? State the major forces that influence trends.
Trend analysis is used to look at how past decisions or processes resulted in specific outcomes to better predict future developments. Major forces that influence trends include demographic, economic, natural, technological, political-legal, and social-cultural forces.
Explain briefly the characteristics of the following forecasting models: (a) time series models, (b) moving average and (c) exponential smoothing.
- Time Series Models: Utilize historical data to predict future values based on identified patterns.
- Moving Average: Combines data from several consecutive periods to provide a forecast for the next period, smoothing out fluctuations.
- Exponential Smoothing: Gives more weight to recent data, assuming that more recent information is more relevant to the forecast
State the questions generally asked in conducting technology assessment or audit.
Questions typically asked in technology assessment or audit include assessing the current technological capabilities, their alignment with organizational goals, the comparison with competitors’ technologies, and the exploration of new technologies that could enhance product development and processes.
What are the new engineering technologies available to develop products and processes?
The document does not provide specific names of new engineering technologies but implies the importance of continuous exploration and assessment of emerging technologies in product and process development, including advancements in CAD/CAM, CIM, lean manufacturing, and just-in-time production methods.
