Market Analysis and Forecasting for Companies

This assignment focuses on market analysis and forecasting for companies. It employs a questionnaire-based approach to collect primary information and utilizes statistical tools like correlation and regression to assess the relationship between sales and temperature. The findings aim to help organizations understand the impact of external factors on their sales, make informed decisions about new product introductions, and forecast future performance.

bBDM
Table of content
AC 1.1
AC 1.2

AC 1.3
AC 2.2

TASK 1
AC: 1.1 DATA PLAN FOR COLLECTING THE PRIMARY AND SECONDAR
Primary and the secondary data are important for the business firm as it helps to determines and
know the requirement of the business (Jones, 2009). This is also the major requirement of
business to do the data collection work.
Should have given the plan
The secondary source of data is first band evidence used by the researcher (Albright, 2015). This
kind of evidence already exists in the history . And the person taking the information will just ta ke
the required data and information for the study (Jones, 2009). Also the information provided \viii
help to check if the sec-0ndary information collected is good or not.
Primary data are the ones that are collected by the person themselves. It is the done through
interview of the people and gathering the information (Review, 2013). This is the basic necessity
of the company to collect the secondary data as well.
The collection of the primary data can be done through the journals and the article that were
published earlier in the regarding the company. Similarly the secondary data will be collected with
the help of interview taken from the employees and the job applicants.
In the current project both primary and secondary are collected. For this purpose,
secondary data will be collected from different sources like journals, books and online
articles. These sources are helpful for in-depth knowledge with regard to topic through
which researcher can produce valid outcome. Furthermore, journals and books as well as
online articles are used for collecting primary information for given scenario.
However, primary information will be collected from customers by conducting
survey. In this regard, questionnaire method will be applied which consists of several
questions related to project. It enables company to get information related to customers'
preferences and taste. Furthermore, analysis will be done in accordance with combination
of both primary and secondary data. Therefore, questionnaire method will be helpful to get
clear information with regard to taste and preferences of buyers who access product and
services offered by corporation. Hence, information will be collected from buyers,
employers and employees.

AC 1.2 SURVEY METHODOLOGY AND SAMPLING FRAME
Selecting the proper methods is one of the most critical decisions while doing any
survey or the research . It depends upon the population that is going to be
interviewed . If the population is the
Alusine Alghali Lon 130821008

literate one then it will be easy to make the question for the survey and asking
them to fill out the work (Smith, 2014). Likewise, if the population that is going to
be interviewed is illiterate one then it is better to ask the question rather than
preparing the questionnaire.
Since the trainers will be the literate one it will be easier for the management team
to make list of question for the survey method (Smith, 2012). List of questions
will be prepared by the company to find out the actual and the real fact the
company wants to know and understand (Smith , 2014). This is the one of the
most important factor for the company to determine if the business will be the
good one or not.
Different sampling methods such as probabilistic and non-prababilistic are
generally used for creating valid outcome from collected data. Here, the first
method includes simple random, systematic and stratified as well as random
sampling (Xiaoke and et. al., 2015). On the other hand, second method of
sampling consists of quota, convenience and judgment as well as non random
sampling. It includes purposive sampling also through which target population can
be selected on the basis of convenient of researcher for meeting research
objectives (Survey Sampling Methods, 2014). For the current study on launching
new brand for trainers in London, purposive sampling will be used. Here, 20
respondents will be selected for collecting large amount of information in order to
produce valid outcome. Under this, respondents consists of both men and women
who are associated work related to design from graffiti artists. Therefore,
sampling frame is kept 20 customers so that important information can be
extracted for them for meeting business objectives (Baltar and Brunet, 2012). It
will be helpful for setting up new business in relatively less time span. In addition
to this, data are collected from investors and employees also. For this purpose, 5
investors and 5 employees will be invited for interview.

The sampling frame is the list of all the members in the population that are
required for the study. The sampling frame of the study that is going to be
conducted requires study of trainees and the trends that exists in the society at the
moment, the shoppers in the market are also the sampling frame (Smith , 2014).
AC 1.3 SAMPLE QUESTIONNAIRE
The sample question used in the research i :
-- .-----------
To find out the feedback of the customers
Demographic profile
1. Age group:
o Below 15 years
o 15 – 25 years
o 25 – 35 years
o 35 – 45 years
o Above 45 years
2. Gender:
o Male
o Female
3. Occupation:
o Student
o Working
o Self-Employed
o Professional
4. Income group

o Below £ 8000
o £ 8000 - £ 15000
o £ 15000 - £ 22000
o £ 22000 - £ 30000
o £ 30000 - £ 38000
o Above £ 38000
Preferences and attitudes
1. What kind of products are they willing to see in the ma rket ?
 Cost effective product
 With number of options
 Good quality
2. Would you like to try a product that is very unique?
 Yes
 No
3. Do you like to prefer online training?
 Yes
 No
4. Do you feel it comfortable to have trainer having knowledge with English
Language?
 Yes
 No
5. Do you agree that technological innovation help in graffiti design for meeting
expectations of buyers?
 Strongly agree
 Agree

 Neutral
 Disagree
 Strongly agree
To find out the view of the investors
1. What are the basic need for the product to stand out among its competitors?
2. Would it be hard for the new product to enter the market?
3. Making the change in the trends how long would it take for the new products?
4. Do you think that introduction of two or more than new products will be helpful
for increasing customer base?
To find out the views and ideas of the employees
1. How can the new products be launched?
2. In your opinion which parameters must be checked before launching new
product?
3. How the marketing of products and services can be done increasing graffiti
artists?
4. What are the issue that needs to be revised for the outstanding performance?

TASK 2
AC 2.2 - INTERPRETATIONS
The mean median and mode represent the different advantages and disadvantages (Albright,
2015). The mean offers the advantages of both familiarity and efficiency. The mean. median and
mode are relevant when the distribution is unimodal and symmetrical Approximately the distance
of median is one-third from the distance of both mean and mode. A procedure for dish'i bution
can be compared with mean and median. When the mean is greater than the median; then it shows
the positive ske, . When the mean is about equal to the median, then it is symmetrical When the
mean is smaller than the median, then it shows the negative skew (Rowntree, 2000).
SHOULD HAVE DONE THE ANALYSIS BETT ER
Mean is the average of the number of list provided in the above case it is 50.30. It helps to find
out the average of the numbers. Likewise, tbe mid va1ue of the num bers can be used to determine
the mid value of the number provided. Here in the above case it is the value 51. 43 that is the mid
value of the numbers provided. Mode helps to determine the most repeated number in the data
provided. The most n umber of repeated number is 59.17. As it would help to know and find out
the most of the information about the data.
From the analysis of the distribution, we can analyze that the mean value is about equal to the
median . So the distribution is symmetrical. The following figure describes the symmetrical
distribution flow more clearly.
Graph : Symmetrical distribution

Mcdian "59 . I 7
The collected information reflects that amount spent by consumer lies
between 50.30. The placed order in the same average proportion which shows
growth prospective for corporation. Furthermore, median of the data series is
51.43 which deviates from average amount spend by the buyers. It is showing that
amount spend by buyers may also go up to 51.43. In addition to this, median of
data series is showing 59.17. Therefore, average amount spend by customers will
be 50.30 and accordingly company can take decision for its expansion or starting
new project. In addition to this, mean of data series is 59.17 thus accordingly all
other data will be analyzed.
The above calculation reflects standard deviation of 23.47 which evidenced that
average amount spend by buyers may be fluctuated to this level. This scenario will be
taken into account by organization for launching new product in the marketplace. On the
other hand, 75 % population stated that average amount or order will be placed till 73.21
whereas 25% population said that it will be near around 28.21. This scenario is showing
that company can focus upon uncertainty present in the marketplace and take necessary
actions accordingly.

The obtained results such as correlation shows that sales and temperature have
positive relationship. Here, changes in temperature tend to affect sales turnover of the firm
in the same direction. Owing to this, company can introduce new product in the
marketplace as there is positive relation between both variables.
TASK 2
2.1 Computation of mean, mode and median
Mean, mode and median are the most effectual statistical tool which helps business
organization in making suitable decisions by simplifying the huge amount of data. In this,
mean represents average figure which can be assessed in the following manner:
Amount spent Mid value (x) No of orders (f) FX
0-10 5 5 25
10-20 15 7 105
20-30 25 10 250
30-40 35 12 420
40-50 45 14 630
50-60 55 15 825
60-70 65 14 910
70-80 75 13 975
80-90 85 6 510
90-100 95 4 380
N=100 5030
Calculation of mean
Particulars Formula Figures
Mean ∑FX/∑F = 5030 / 100
= 50.30
Median
Amount spent No. of orders (f) C.F.

0-10 5 5
10-20 7 12
20-30 10 22
30-40 12 34
40-50 14 48
50-60 15 63
60-70 14 77
70-80 13 90
80-90 6 96
90-100 4 100
Total N=100
Median = ∑F/2
= 100/2
= £50
This figure lies in the class interval of 40-50.
Median= L1+ [(N/2 – C)/F]* i (difference between the class interval)
M = 40 + [ (100/2 – 34) / 14] * (50-40)
M = 51.43
Mode
Calculation of mode are enumerated below:
Amount spent No of orders (f)
0-10 5
10-20 7
20-30 10
30-40 12
40-50 14
50-60 15

60-70 14
70-80 13
80-90 6
90-100 4
Total N=100
Mode: L + F1 – F0 / 2F1 -F0 -F2 * I
In this,
 F1 = 15
 F0 = 4
 F2 = 14
 L = 50
M = 50 + 15- 4 / 2(15) - 4 -14 * 10
= 59.17
2.2 Advising Karen the most popular price for order on the basis of above statistical
analysis
From the above analysis it has been determined that 15 orders which have been
placed by the customers price of £55.30. On the other hand, median value is 51.43. This
aspect show that average ad middle spending level of the customers are highly near to each
other hand, customer repeatedly spent amount of £59.17 while making use of the services
of Karen Cafe. Thus, by taking into account all such aspects business unit needs to offer
services within the price range of £50-60. Through this, Cafe would become able to attract
large number of customers. This in turn helps company in enhancing its productivity and
profitability to the large extent.
CONCLUSION
Introduction:The study of the different aspects in the business helps the company be
prepared of all the risk that might arise during the time period. As the company will be
affected largely with the different sources and factors this will to make a shield for the
companies.
Methodology: For the current project questionnaire method has been applied fro
collecting primary information. Similarly, statistical tools such as correlation, regression

are used in order to assess relation between sales and temperature.
Findings: From the above analysis we can see that the different project appraisals can be
done to find out if the project is beneficial or not Forecasting for the future will also be
beneficial for the companies to know and understand the future of the companies.
Conclusion: It can be concluded that organization can introduce new product in the
marketplace which will increase customer base. Hence, it can expand its product range for
meeting expectations of buyers.
SHOULD HAVE MADE IT IN REPORT FORMAT

24
REFERENCES
.l.:CP.
Adair, J., 20 13. Decision Making and P roblem Solving (Creating Success). 2 edition
ed. s.l.:Kogan Page.
Albright, S. C. 2015 . BUSINESS A f,4LYTICS : DATA A 'ALYSIS A 'D DECISIO r
MAKING .
Baltar, F. and Brunet, I.,2012. Social research 2.0: virtual snowball sampling method
using Facebook. Internet Research. 22(1). pp.57-74.
David, F. N., 2009. Tables of the Ordinates and P robability Integral of the
Distribution of the orrelation Coefficient in Small Samples. s.l.:Cambridge
University Press.
Graham A., 2013. Statitics - A mnplete Introduction: Teach Your.elf. Reprint
edition ed. s.l.:Teach Yourself .
Jones, T., 2009. Business Economics and Managerial Decision Making. 1 edition ed.
s.J :John Wiley & Soos.
Review Press.
Review, H. B ., 2013. HBR's JO Musi Reads on Making Smart Decisions. s.l .:Harvard
Business
Rowntree D ., 2000. Statistics without Tea1'S: An Introduction for on-Mathematicians
(Penguin Science). New Ed edition ed. s.LPenguin .
Smith , G ., 2014 . Standard Deviations . s.LDuckv. 1 orth Overl
Survey Sampling Methods. 2014. [Online]. Available through:
<http://www.statpac.com/surveys/sampling.htm>. [Accessed on 22 nd June
2016].
Xiaoke Li, X. and et. al., 2015. local sampling method with variable radius for RBDO
using Kriging. Engineering Computations. 32(7). pp.1908 –1933.