Marketing Reflection Report - Course Name, Week 8 & 9, University

This report presents a student's reflection on the key concepts learned in a marketing course, specifically focusing on weeks 8 and 9. The student explores various forecasting methods, including both qualitative and quantitative approaches, and discusses their practical applications. The report delves into time series forecasting and the importance of understanding forecasting errors. Additionally, the student reflects on cost analysis techniques, such as cost-benefit analysis and scenario analysis, and their significance in marketing. The student acknowledges the importance of these tools for a marketing manager and expresses a need for further study in areas like linear regression and forecasting accuracy. The report highlights the practical implications of forecasting and analysis in the context of marketing and the student's professional development. The report also includes references to relevant academic sources. Desklib provides access to similar past papers and solved assignments to aid students with their studies.

Running head: REFLECTION
Reflection: Week 8 and 9
Name of Student
Name of University
Author Note

1
REFLECTION
Week 8
Describe
The recommended readings of week 8 is mainly focused on the different types and
methods used in forecasting. There are mainly two types of forecasting, which include both
qualitative methods and quantitative methods (Zhang et al. 2016). The recommended readings
gave a comprehensive idea of the time series models and examples. The examples provided were
quite informative, which I found as an interesting aspect of this lecture.
Interpret
Understanding the importance of forecast is an essential need of marketing and this
week’s learning has helped me to get a detailed understanding of the same. The readings have
helped me to understand that I can use forecasts only when I require an approximate value. The
forecasts are rarely perfect.
Evaluate
A significant benefit of having a detailed understanding of the forecast is that it enables
marketer to approximate the long term as well as the short term financial inclusions of an
organization (Tran, Muttil and Perera 2015). Therefore, the knowledge about the different
methods of forecasting would be quite helpful in our professional career.
Plan
I am sure that the knowledge I have gained from the recommended readings of this week
will help me to in my professional career. Knowledge about forecasting would be necessary for
me to work as marketing manager.

2
REFLECTION
Week 9
Describe
This week’s recommended readings were based on different types of qualitative and
quantitative cost analysis method. This week’s learning was quite interesting as I have gained a
detailed knowledge of the key concepts and practical implications of cost benefit analysis,
scenario analysis, probability analysis and competitor analysis (Li and Mohanram 2014). I had
previous knowledge about SWOT analysis and quantitative analysis, which were further clarified
in this week’s learning.
Interpret
Understanding the importance of the different analysis tools were necessary to get a
detailed understanding of the key components of marketing. I found the use of these analysis
tools quite interesting in forecasting the financial inclusions associated with a project.
Evaluate
A major benefit of having a detailed understanding of forecasting error is necessary to
make the approximations viable (Batselier and Vanhoucke 2015). The concept of evaluation of
the forecasting error have been quite informative in this learning. However, I would require
further research and readings to expertise on easier determination of the forecasting errors.
Plan
I believe that I need to study more about linear regression, forecasting accuracy and
forecasting model to understand these concepts more clearly. Knowledge about these is

3
REFLECTION
important for me to work as a marketing manager in future and therefore, it is essential for me to
learn about the same.

4
REFLECTION
References
Batselier, J. and Vanhoucke, M., 2015. Empirical evaluation of earned value management
forecasting accuracy for time and cost. Journal of Construction Engineering and
Management, 141(11), p.05015010.
Li, K.K. and Mohanram, P., 2014. Evaluating cross-sectional forecasting models for implied cost
of capital. Review of Accounting Studies, 19(3), pp.1152-1185.
Tran, H.D., Muttil, N. and Perera, B.J.C., 2015. Selection of significant input variables for time
series forecasting. Environmental Modelling & Software, 64, pp.156-163.
Zhang, F., Deb, C., Lee, S.E., Yang, J. and Shah, K.W., 2016. Time series forecasting for
building energy consumption using weighted Support Vector Regression with differential
evolution optimization technique. Energy and Buildings, 126, pp.94-103.