FORMATIVE ASSESSMENTS

1. Explain why business organizations use statistical analysis of market data in the context of
both local and international markets. 50-100

Statistical analysis is used to interpret market data in both local and international markets and
convert it into information that contributes as a form of strategy to the business. It can offer
assistance for planning and developing the future business in a long run. The business
organization use this analysis to provide evidences based on numerical calculations plus
evidence related to ideas and opinions that prove changes over time. Statistical analysis of the
market data requires the collection, collation and analysis of data which is useful for identifying
trends, developments and possible markets in both context of local and international markets.
This analysis determines whether the executed strategy of the business entity have positive or
negative impacts on the business. Moreover, statistical analysis in both local and international
market will enable the interpretation of market conditions, trends and development that a
business may improve or may offer to satisfy it’s own target market. Effective and useful
statistical analysis relies on knowing what to collect, where to collect it from and how to analyze
it. Business organizations must be constantly observing the market and and constantly collecting
data in order to find suitable marketing operations for the business.

2. Conduct research and list 10 types of data/data sources, where information is relevant in
planning local and international market trends and developments can be determined.

1. Quantitative data
2. Qualitative data
3. Trend Analysis
4. Statistical analysis
5. SWOT Analysis
6. Forecasting
7. Market Analysis
8. Research study
9. Measures of central tendency
10. Time series analysis

3. What is trend analysis. 100-120

A trend analysis is a strategic tool or process that supports the understanding of the market in
terms whether the market is in its growth rate or in a decline rate. This understanding will help
business organizations to identify their position in the industry and also to know future market
potential. A market trend analysis is an analysis of the past and the present behavior of the
market in order to obtain insights on the marketplace, consumer preferences and environment.
Furthermore, trend analysis is the process of comparing business data overtime to identify
consistent results or trends of the business organization that will help to achieve business goals.
It is used as a basis for developing future projections and future objectives for a product line or
service.

4. What cultural aspects can affect international business operations. 100-150

Culture is one of the main aspects in the market environment that the business organization
needs to consider because it affects the business operations the most. The culture that affects
the business are influenced by beliefs, attitudes, perceptions and behavior of the consumer that
needs to be analyzed and understand by the business organization in order to operate well in
the international market. In addition to that, customs and legislations of the international
market must also take into consideration in order to prevent a misunderstanding situation or
events along with the international market cultures.
Cultural factors that affect business operations in particular, relate to: traditions, values,
education, expectations, politics, communication, rules and regulations.

5. Explain what measures of central tendency and dispersion figures are and how they can be
used when analysing the market. 250-300

The measure of central tendency and dispersion are set of data’s used to compare and interpret
market data relating to both local and international markets. The measure of central tendency
locates the middle points of distribution like frequency and probability. It looks at the range,
variation and standard deviation. The mean, median and mode are also one of the measures of
central tendency. They serve as identification of points from different data sets. On the other
hand, dispersion refers to the spread of data and the best way to measure dispersion is by the
use of standard deviation. A standard deviation can be calculated by using the formula in
statistical data or within the spreadsheet. The measures of dispersion includes variation
between data values. If a dispersion is at large, the values will be scattered widely. With small
dispersion, the values are clustered close together. Measures of dispersion also address the
spread of data such as the range between highest and lowest variable and the standard
deviation from the average distance of the variables form the mean. Both the measures of
central tendency and dispersion is used in calculations of identifying business trends and the
impact that might affect the market. It is also a great help for analyzing the market environment
in order to locate possible opportunities or even possible threats that the business needs to
take action. Also, both of this measurements are crucial to the business organization because it
will become the main basis of strategic planning, operating, controlling and leading the business
to its success.

6. To what sort of data can measures of central tendency and dispersion be applied.

The measures of central tendency and dispersion are applied to to provide an overall
description of data sets in the statistics of the business operations. This also applies in
describing and comparing sets of data in order to use as a basis in the decision making
process of the business organization.

7. What are data correlations and why is it important to identify correlations? 150

Data correlations are the sets of data that links together or which correlates to each other.
Correlation is a statistical technique that can show whether and how data relates to each other.
The correlation of data is useful in knowing if the variables have a perfect relationship to each
other or if they are not suitable for each other. It is simple defied as a relationship between two
variables and the purpose of this data correlation is to figure out which variable are connected
to each other. In the business organization, data correlations are one of the crucial things that
needs to take place or needs to be identified because it is helpful in the decision making
process of the business. It gives information about what suitable action should be taken in order
to aim the business goals. In addition to that, data correlations are important mostly in
identifying the cause and effect relationship of the business operations because it allows the
business to find certain connections of events or situations that may affect the business
organization.

8. How does qualitative analysis of comparative market information assist a business. 150-200

Qualitative analysis of market information focuses on the reasoning of consumer actions,

opinions, needs and wants. In the business organizations, qualitative analysis serves as the
starting point of the business in order to familiarize its target market and its market
environment. It helps the business organization to understand the different consumers buying
behavior in the marketplace. Qualitative analysis in the market gives the ability to generalize
viewpoints of the business based on the gathered data from the market environment. It
provides information about the different markets opinion about the products and services of
the business. By understanding their viewpoints, it can allow the business to adapt the ideas
and improve it in order to gain consumer satisfaction and competitiveness within the business
industry. Moreover, the qualitative analysis of the market allows the business to know what to
imply on its management and operations. Also, the product and services that are based on the
opinions of the different market will help the business to rise in the industry as competitive one
and it will also be a top of mind recall of consumers in the marketplace.

9. How is quantitative data helpful? 80-100

The best thing that makes quantitative data useful is that it gives specific and valid information
that are easily measurable which gives a full picture of the situation. Quantitative Data is useful
in the business organization because it presents numerical analysis of results of the business
strategic plan. It also shows percentage of the business feasibility in the market environment.
Additionally, it presents specific results answering question in situations like; how much, how
many and how often. Quantified data can be also used to measure potential marketing
strategies and determine relationship between situations and events by comparisons of sets of
figures.

10. Explain how you would collect data about the competitors products and services. 70-8

To gather accurate and reliable sources about the products and services of the competitor is to
monitor them or to observe how they manage their business. By monitoring competitors, the
business will be able to construct its own unique selling proposition and its own unique
strategies in order to compete with the other. This monitoring strategy can be done by visiting
the premises of the business competitors or even trying their products in order to know what
makes their product unique and what reason makes the consumers to patronize them. The
business might also monitor the marketing strategy of their competitors and observe how they
market their products and services to the consumers in the marketplace.

11. Why is it necessary to analyze the market performance of existing and potential
competitors and their products and services

It is necessary to analyze the performance of the business competitors in order to obtain

knowledge and possible strategies on how the business will compete to them because
competition is always visible in the business industry. That is why the business must also be
competitive enough in marketing its products and services.

12. What tools, apart from a Swot Analysis might be useful when conducting a competitors
analysis? 100-120

Aside from SWOT Analysis, the STEEP (Socio,cultural, Technological, Economic, Environmental,
and Political Factors) model can be used to take a step in looking the business as a whole. The
STEEP tool helps to make sure nothing is overlooked and it helps the business in order to guide
the organization to its business plan. This tool helps the business to look at the market in a full
horizon. It does not just analyze the possible competitors but also the market environment in
order to build a appropriate strategy for the business. Another, the PEST Diagram can also be
used to help the business organization in analyzing market performance and the existing
potential competitors. Also, it helps the business to be familiarized with the competitors’
products and services to identify possible opportunities and threats from it.

13. Why is it wise to prepare, plot, interpret market data so it can be presented in a visual
format? 90-100

All data and information that are gathered and analyzed needs to be presented in ways that will
make the market data collections readable, understandable and useable for the business
strategies and operations. Visual presentations are great for presenting statistics, figures,
graphs, charts, tables, maps and timelines. It is a wise use to prepare and plot market data
because presenting good visuals have a lasting impressions to the audience. Moreover, visual
presentations are more effective to present market data because it presents the accuracy and
the credibility of the visual information.

14. Make a list atleast eight things that should be taken into consideration when preparing
and plotting good quality, useful visual presentations, and when making suitable
adjustments/corrections. Why is it necessary?

1. Consider the purpose of the presentation.

Visual must have its own specific intentions like to inform, to present findings, to persuade, to
entertain, to motivate and to gather support for decision making process.

2. Consider the knowledge of the audience.

In presenting data in a visual form, the business must consider if the audience is knowledgable
enough to understand the presentation.

3. Consider the audience.

Consider if the presentation is appropriate for the position and roles of the audience.

4. Significance

It show what the subject is and what does it mean to the audience.

5. Structure
It presents the way in which the story or data being showed is built in order to reach certain
conclusion or options for action.

6. Simplicity

Regardless whom the audience is, informatiom must be easy to follow

7. Accuracy

Accurate presentations are vital so that any decisions made are based on reliable and valid
informations.

8. Statistical Presentions (charts, graphs, bar charts etc.)

Is important in visual presentation so that the audience may see as well as understand the
presentation.

15. Each organization will have specific requirements regarding reporting procedures: content,
format, level of detail and scheduling; however, there are some basic rules that should apply
to all research reports. List six.

1. Research Reports must be logical and clear in manner

2. Research Reports must be presented accompanied by a verbal presentation and explanation

3. Research reports must be readable and contain factual information.

4. Research reports must contain visual presentations that contain data analysis

5. Research Reports must contain Interpretations and summaries relevant to the market trends
and developments.

6. Research Reports must contain recommendations based on the data and the content of the
report.

16. Name three problems that might apply to a research report and require revision

1. Research Reports must be presented accompanied by a verbal presentation and explanation

Research reports that are verbally presented are not all understandable by the audience that’s
why it need further revision or further preparation in order to present it well.

2. Research reports must contain visual presentations that contain data analysis

Research reports might be too complicated in presenting visual graph or tables. It needs revision
in order to present it in a way that it is readable and understandable by the audience.

3. Research Reports must contain recommendations based on the data and the content of the
report.

Not all recommendations or suggestions in research reports are applicable to the business
organization. Still, it needs revision and deep understanding about the report to end with a
good conclusion thaqt will help the organization strategize its business.

17. Explain how knowledge about cultural, historical, political, economic characteristics and
general knowledge of international events can impact international business activity. 500-600

Cultural characteristics are a very strong influencer on any business. Because of the fact that
every culture is different and the group of individuals forming a culture react differently to
different products and services, every business whether its a service or a product must take
consideration of the cultural factors that may affect the business organization. Cultural factors
includes the beliefs, attitudes, perspectives, morals, knowledge, skills, motives and culture of an
individual or even the country that will impact the business. Moreover, language and
communication in the international activities affect the business so much. Communication both
orally and use of body language plays a vital role of enabling a business to know what the basic
needs of consumers are. An international business that knows how to communicate in different
international languages enjoys the benefit of being able to convey the right messages to
consumers or prospects.

Historical characteristics can also impact the international business activity in terms of having
relationship with other business organization because every business must need to have
historical backgrounds about their partners in order to know if their partners are trust worthy or
is able to manage a business well. This is one of the crucial thing that needs to be considered
before building an intimate relationship with other business organization.

Political characteristics may affect the international business activities in many ways. This are
activities related to government policy and its administrative practices that can have an effect
on the business management. This includes the rules and regulation that the business need to
follow, the legislations that are required for a business to comply, the business tax that the
business needs to pay and the laws the need to take consideration in order to prevent conflicts
in the business industry and also in the government. Because of this, it is important to
understand regulations in place when entering a new market and see to it
that the business was able to follow it. Also, managing a business in a
long run is connected with the political characteristics or the government
because all business are responsible to comply with the government
because they all fall under the state and they are inside the country’s
premises.

Economic characteristics also affect business activities in terms of employment factors, interest
rates, banking, inflation and overall economic indicators. This is also one of the factors that
needs consideration because this also includes the labor costs, production and management
cost that are crucial for the business to operate. Understanding the economic characteristics of
a country helps the international business to make essential smart decisions that will guide the
future of the business organization.

In the business industry, having a knowledge about international events may help the business
to promote its products and services. Those events may also help the business to be able to be
innovative enough to attract customers and to offer what the consumers demanded. In this
case, the business will be able to satisfy it customer and also to increase the business
profitability. International events serves as a promotional tool in an international business
because it helps the business to persuade the target market to try the business products and
services. In this way, the business will be able to understand what certain products or services
the customers will find during international events.

18. Identify a range of external and internal information sources that can help an organization
identify trends/developments and competitors activities that are relevant to international
markets. 150-200

The data and information from internal and external sources that are relevant to the
international markets includes; customers, prospects, universities that can provide up to date
research data and analysis, industry influencers, industry publications, social ,media, digital
tools and analytics that help access industry behavior, observation of competitors, a range of
mailing list publications, industry associations, online directories, world industry reports,
newspapers, magazines, government statistics and other industry research from the
government, manufacturing, infrastructure and planning information. In international markets,
it will also be necessary to take considerations of the information about the type and amount
data needed in order to generate knowledge that will help support the business decision
making process. The internal and external sources help the business to be able to track the
direction of which the trends are heading. Moreover, data collection are relevant to
international markets because it improve its capabilities of visualizing future strategies for the
business organization.

19. What research data (statistical) analysis techniques can assist with evaluation of
marketing opportunities? 150-200

Evaluating the market opportunities are necessary for the business that requires both
quantitative and qualitative research data in order to know the opinion and demands of the
possible market. Through this research data, the business will be able to manage the business
by using the data and information as a basis of their marketing strategy which will be an
opportunity to introduce their products and services to the market. In my own perspective, one
of the techniques in evaluating market opportunities is by monitoring and observing the market
as a whole because it enables the business to locate and take advantages from the market
opportunities in order to achieve business goals. A Statistical Analysis like Trend Analysis are
also used to monitor and evaluate market opportunities because it interprets data and convert
it as useful information to locate market opportunities and future improvements for the
development of the business. It identifies trends that will assist in planning for the business
growth that are based from the opportunities gathered from the market environment.

20. You work for an organization that wishes to expand into the international market. Write a
1k word report outlining the research the company would need to conduct before they enter
the market. What data should they collect, how could it be collected, how would it be
analyzed and used? Give examples of analysis procedures. Would analysis be incorporated
into a marketing plan? If so why?

Note: Create and attach a flowchat of steps you have taken to complete your report.

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