Discussion Board
This discussion covers some of the less intensive business applications such as using statistical analysis to develop demand forecasts based on historical data. The questions below address some of the finer points of forecasting, as well as offer you a chance to reflect on the material covered in the course.
Select any one of the following starter bullet point sections. Review the important themes within the sub questions of each bullet point. The sub questions are designed to get you thinking about some of the important issues. Your response should provide a succinct synthesis of the key themes in a way that articulates a clear point, position, or conclusion supported by research. Select a different bullet point section than what your classmates have already posted so that we can engage several discussions on relevant topics. If all of the bullet points have been addressed, then you may begin to re-use the bullet points with the expectation that varied responses continue.
1) As a marketing analyst, you are responsible for estimating the level of sales associated with different marketing mix allocation scenarios. You have historical sales data, as well as promotional response data, for each of the elements of the marketing mix.
a. Describe the differences between the forecasting methods that can be used.
b. Evaluate the forecasting methods in relation to the given scenario.
c. Choose a forecasting method and justify your choice. If you make any assumptions, state them explicitly. Support your discussion with relevant examples, research, and rationale.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.