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Sales data, presented in a graphic format, can provide regular sales trend information and highlight whether certain customer types need to be targeted or focused. Price information by product line, compare with competitors, can monitor market trends; analyzed by customer type, it can check price trends in customer groups.
Demand forecasting plays an important role for businesses in different industries, particularly with regard to mitigating the risks associated with particular business activities. However, demand forecasting is known to be a challenging task for businesses due to the intricacies of analysis, specifically quantitative analysis. [4]
If the trend can be assumed to be linear, trend analysis can be undertaken within a formal regression analysis, as described in Trend estimation. If the trends have other shapes than linear, trend testing can be done by non-parametric methods, e.g. Mann-Kendall test, which is a version of Kendall rank correlation coefficient.
Forecasting is the process of making predictions based on past and present data. Later these can be compared with what actually happens. For example, a company might estimate their revenue in the next year, then compare it against the actual results creating a variance actual analysis.
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
The literature defines several areas in which market analysis is important. These include: sales forecasting, market research, and marketing strategy. Not all managers will need to conduct a market analysis. Nevertheless, it would be important for managers that use market analysis data to know how analysts derive their conclusions and what ...
Austin, TX, USA, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Air Compressor Rental Market Size, Trends and Insights By Type (Rotary Screw, Reciprocating), By End Use (Construction, Mining, Oil & Gas, Power, Manufacturing, Chemical, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook ...
Marketing managers can design reports that correlate and visualize data coming from a variety of departments and sources (even, in some cases, external data). This allows them to see current key performance indicators in real-time (or as quickly as sources provide data) and analyze trends, rather than wait for analysts to deliver periodic reports.