Gathering evidence for devising a new strategy.
Identifying significant patterns in sales.
Methods of analysing markets:
Moving averages
Test markets
Extrapolation & Correlation
The use of technology in analysing data:
Difficulties in analysing marketing data:
The samples on which forecasts are made are too small.
Some industries are subject to rapid change. Think mobile phones.
Major changes in the external environment (such as a recession) can impact on consumer behaviour.
Major marketing errors. Details here.
