Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for thenext fall semester and indicate how accurate it appearsto be. What other forecasts might be useful to the book-store in managing its supply chain?
Q: What opportunities does a marketing agency have with AI to improve performance?
A: AI in Marketing correspondences empowers advertising agencies by digitalizing as well as upgrading…
Q: The argument for import protection in developing countries to bring about industrialization differs…
A: Import protection policy:- This policy arguments that it protects industry from the foreign…
Q: Identify several techniques that help make strategic planningeffective?
A: Strategic planning can occur at any level of a company. There may be a plan that covers the entire…
Q: How has the company earned the reputation as the most recognized, used, and trusted travel website?…
A: Tripadvisor is an online travel company that operates through a website & mobile app making use…
Q: Describe the difference between functional and psychological needs.
A: There are undoubtedly some exceptions to this tendency. However, we may infer that people purchase…
Q: f challenges and worrie
A: Data is the collection of information for efficient movement of operations in the business. It…
Q: Discuss postpurchase outcomes.
A: Customer is a person who will take part in exchange with the company. A consumer can be a person who…
Q: Please take into account: Do you think that modern marketing tools like Big Data and Predictive…
A: In marketing, big data is the large complex data of consumers data, which is collected by companies.…
Q: What are the limitations or challenges present in sales promotion?
A: Introduction : A company may decide to utilize a sales promotion or a variety of reasons, but the…
Q: Which of the 11 business types did you choose from the list above? Who are the owners/founders…
A: Since you have posted a question with multiple sub part, we will solve the first three sub part for…
Q: Why should an organization follow a promote-from-within policy
A: Policies are intended to guide employees while also protecting the company's worth. It aids in the…
Q: Develop an argument for why a cosmetics manufacturer should buildand maintain an ethical climate.
A: The company must concentrate on all aspects of the business to create an ethical environment. This…
Q: Understand the drivers of social media engagement.
A: Social media includes content in which other individuals talk about a particular product or…
Q: Service-oriented architecture (SOA) was formerly thought to be a prerequisite for a successful…
A: Consumers of RESTful services have a need for dynamic functionality. This is why modern web…
Q: What is c Price Discrimination?
A: Pricing objectives are the goals that guide your company in determining the cost of a product or…
Q: How does identifying trends in the marketplace help marketers’ strategicplanning efforts? a. It…
A: The marketing strategist help the marketers to plan out their roadmap to reach out their set…
Q: Traditional face-to-face teaching still plays a critical role in teaching and learning; however,…
A: The business environment is a blend of external and internal influences that have a direct or…
Q: List the factors that affect the consumer decision process.
A: Understanding consumer spending patterns and purchase habits is made possible by studying consumer…
Q: 9 Do you believe the company's platform to donate a pair to someone in need for every purchase adds…
A: While corporate philanthropy is not a new concept, we are amidst a do-good renaissance in which…
Q: Hi there can you please assist on the following question below DHL – Logistics solutions and…
A: The company's objective is the strategic goal to accomplish, stimulate, and encourage employees. It…
Q: Read the following and then respond to the discussion prompt: Intel made large loyalty payments to…
A: Loyalty payments can be referred to as money amounts provided to a client or an employee for doing…
Q: How is the practice of market segmentation related to the marketing concept?
A: Introduction : Market segmentation is the practice of dividing a potential market into groups of…
Q: Make a Lean Canvas using a product of Bag made out of recycable material "Recycled Bag" Using this…
A: Business is a legal entity which creates solution for customers in terms of products and services…
Q: Briefly describe the disadvantages of Word of mouth promotion.
A: Word-of-mouth advertising is an approach to spreading the news a little about your entrepreneur.…
Q: a business of your choice, discuss how a viability study can be utilised to ensure that the FIRST…
A: Every company is created under legal structure where values created for shareholders and customers.…
Q: How can resources be used most effectively to satisfy consumer needs?
A: Resource allocation and Resource utilization are the two aspects that decide the successful…
Q: WEhat is delayed-quotation pricing a price tactic used for industry?
A: An industrial pricing strategy known as delayed quotation pricing protects the seller from cost…
Q: Give me 10 opportunities regarding Alibaba Group: The Rise of a Platform Giant based on PESTLE…
A: Alibaba is an E-commerce giant which owns different businesses around the globe. Alibaba's…
Q: by choosing a product or product category that interests you. Next, prepare a detailed market…
A: Market segmentation can help you to define and better understand your target audiences and ideal…
Q: s lynk&co focused on a specific customers persona? if yes, explain it?
A: Market segmentation gives marketers useful information linked to prospective customers to guide…
Q: Which generic strategy Airbnb is adopting? Why does Airbnb take this strategy based on your…
A: Ans. Introduction Generic strategies utilized via Air BnB: The vitally generic strategy utilized via…
Q: The evolution of marketing also relate with CSR. Why?
A: Introduction: CSR is abbreviated as "corporate social responsibility." Most businesses use the CSR…
Q: Why do marketers like those at Apple find it important to embracesocietal needs and ethical business…
A: Corporate social responsibility is the self regulating policy for businesses that make them to act…
Q: What are the objectives of product labelling in marketing?
A: Introduction : The product labelling is part of the package. The printed information on the packages…
Q: An increasing number of firms are stating their strong commitment tocorporate social responsibility…
A: Corporate social responsibility is a crucial component of business models in the modern business…
Q: 46. You are making several runs of a simulation model,each with a different value of some decision…
A: The decision problem might have more than one dependent variable. On the basis of profit, the…
Q: The four fundamental growth strategies help firms identify growthopportunities in the marketplace.…
A: Growth strategies is vital for business to get their expansion objectives fulfilled. Every business…
Q: explain geodemographic segmentation and how it differs from other forms of market segmentation.
A: While planning a marketing strategy, a marketer generally makes use of specific market segmentations…
Q: How have PepsiCo and Coca-Cola created sustainable competitiveadvantages for themselves?
A: A set of assets, qualities, or competencies that enable a business to satisfy the demands of its…
Q: Downloading a chapter of a new book before buying it or listening to afew seconds of a song before…
A: Ans. Introduction Having the option to download a part of another book prior to getting it or paying…
Q: Briefly describe the disadvantages of Word of mouth promotion.
A: Word of mouth marketing or promotion refers to the type of marketing where satisfaction with a…
Q: A student who graduates with a marketing degree likely has a goodfoundation for jobs that utilize…
A: Every company will try to hire the best talent for every single position to become successful. They…
Q: HOW DO FIRMS ENGAGE THEIRCUSTOMERS?
A: Running a successful business requires engaging your customers. It takes more than just selling…
Q: Why should a business student understand globalization?
A: Globalization - It is signified as the integration of the world economy that promotes the free…
Q: Discuss the importance of retailing in marketing.
A: Retailing is defined as the process of selling goods and services to final customers for consumption…
Q: Explain why marketers must consider their macroenvironment when theymake decisions.
A: The customer should be at the center of everything a business does because, without them, nothing…
Q: How did the variations in restaurants vary?
A: Restaurants are defined as those business units/individual entities that provide various types of…
Q: explain why marketing manager should understand. consumer behavior?
A: Introduction Consumer behavior is closely related to how individuals, businesses, and groups…
Q: The product life cycle is described as ______. ____ the financial commitment a firm makes in a…
A: The product life cycle is the distance of time from when a product is begin introduced to the…
Q: 1
A: Strategic Management can be explained as a strategic concept whereby the company analyzes its…
Develop an appropriate forecast model for bookstoremanagement to use to forecast computer demand for thenext fall semester and indicate how accurate it appearsto be. What other forecasts might be useful to the book-store in managing its supply chain?
Step by step
Solved in 2 steps
- Under what conditions might a firm use multiple forecasting methods?The file P13_42.xlsx contains monthly data on consumer revolving credit (in millions of dollars) through credit unions. a. Use these data to forecast consumer revolving credit through credit unions for the next 12 months. Do it in two ways. First, fit an exponential trend to the series. Second, use Holts method with optimized smoothing constants. b. Which of these two methods appears to provide the best forecasts? Answer by comparing their MAPE values.The Baker Company wants to develop a budget to predict how overhead costs vary with activity levels. Management is trying to decide whether direct labor hours (DLH) or units produced is the better measure of activity for the firm. Monthly data for the preceding 24 months appear in the file P13_40.xlsx. Use regression analysis to determine which measure, DLH or Units (or both), should be used for the budget. How would the regression equation be used to obtain the budget for the firms overhead costs?
- The file P13_29.xlsx contains monthly time series data for total U.S. retail sales of building materials (which includes retail sales of building materials, hardware and garden supply stores, and mobile home dealers). a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_22.xlsx contains total monthly U.S. retail sales data. While holding out the final six months of observations for validation purposes, use the method of moving averages with a carefully chosen span to forecast U.S. retail sales in the next year. Comment on the performance of your model. What makes this time series more challenging to forecast?The file P13_26.xlsx contains the monthly number of airline tickets sold by the CareFree Travel Agency. a. Create a time series chart of the data. Based on what you see, which of the exponential smoothing models do you think will provide the best forecasting model? Why? b. Use simple exponential smoothing to forecast these data, using a smoothing constant of 0.1. c. Repeat part b, but search for the smoothing constant that makes RMSE as small as possible. Does it make much of an improvement over the model in part b?
- The file P13_28.xlsx contains monthly retail sales of U.S. liquor stores. a. Is seasonality present in these data? If so, characterize the seasonality pattern. b. Use Winters method to forecast this series with smoothing constants = = 0.1 and = 0.3. Does the forecast series seem to track the seasonal pattern well? What are your forecasts for the next 12 months?The file P13_02.xlsx contains five years of monthly data on sales (number of units sold) for a particular company. The company suspects that except for random noise, its sales are growing by a constant percentage each month and will continue to do so for at least the near future. a. Explain briefly whether the plot of the series visually supports the companys suspicion. b. By what percentage are sales increasing each month? c. What is the MAPE for the forecast model in part b? In words, what does it measure? Considering its magnitude, does the model seem to be doing a good job? d. In words, how does the model make forecasts for future months? Specifically, given the forecast value for the last month in the data set, what simple arithmetic could you use to obtain forecasts for the next few months?Qualitative forecasts and causal forecasts are not particularly useful as inputs to inventory and scheduling decisions. Why is this statement true?
- Two independent methods of forecasting based on judgment and experience have been prepared each month for the past 5 months. The forecasts and actual sales are as follows: Month 1 2 3 4 5 6 sales 77 75 78 76 74 71 Forecast1 75 72 81 75 75 73 Forecast2 70 73 79 74 75 72 a. Compute the MAD, MSE and MAPE for each forecast. Does either forecast seem to be superior? Explain. (Round off your numbers to two decimal places, e.g., 2.674 → 2.67) b. Compute 2s control limits for each forecast and draw a control chart. Are the forecast errors with in control limits? Round off your numbers to two decimal places.What should be our forecast accuracy target if there is a high degree of volatility in customer orders and long lead times? We have a new chief sales officer who is proposing that we should forecast in dollars, not in units/cases. I have never heard of anyone forecasting in dollars. It is true that dollarized forecasts can help Sales in knowing precisely what sales target they should be hitting. But, is it the best practice?All forecasts are subject to error. Do you think topmanagers would be concerned about the effectson the firm if sales revenues or unit costs, forexample, turned out to be different from the forecasted level? How could you provide informationon the effects of such errors?
