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Market Analysis and Forecasting

Course developer

Prior knowledge

Ekon2122, Statistics

Ekon3115, Marketing

Replaced course

Ekon3080 [GEKO3080] Market Analysis and Forecasting

Course abstract

Systemically covering the theoretical issues of marketing, the study course provides the necessary knowledge, develops professional and general skills in market research and forecasting, market research methods, preparing market research, as well as collecting data necessary for market research and forecasting on a global, European and Latvian scale. The aim of the study course is to provide market analysis and forecasting knowledge and skills necessary for commercial activity, the use of which ensures competences appropriate for successful business.

Learning outcomes and their assessment

Students will be able to demonstrate:
KNOWLEDGE of
1) The key aims and tasks of market analysis and forecasting, understanding the possibilities of using the latest market analysis and forecasting methods in business. “Independent” work. Test.
2) Opportunities for raising the quality of market analysis and forecasting by combining various methods. Discussion, a presentation.
SKILLS
Professional skills to
1) Independently apply the knowledge acquired and critically analyse a certain market environment situation, interpreting it in accordance with the research task. Independent work, a case study.
2) Comprehensively assess the development of the market and the entrepreneurial environment and forecast their directions of development in a global context. Practical assignments.
Soft skills to
1) Present the results of their independent work done. Group/pair work.
2) Engage in discussion and reasonably argue the opinion. Discussion.
COMPETENCES to
Independently acquire information on the development of the market sector and the entrepreneurial environment, as well as interpret the results by forecasting future development scenarios. Research report, Presentation.

Course Content(Calendar)

1. Substance and necessity of market analysis and forecasting. Market conditions
The historical evolution of market analysis and forecasting. Marketing research – the concept, research reasons. Marketing information scheme. The main directions of marketing research. Compulsory requirements for marketing research. (1h - lectures, 2h - practical)
2. Market analysis and forecasting process – the aim, a plan, information sources
Marketing research goals (search goals, descriptive goals, and experimental goals). Information (incoming, to be analysed, outgoing, stored, primary and secondary) and its collection. (1h - lectures, 2h - practical)
3. Planning of research stages and costs
The stages of marketing research (problem identification, hypotheses, concepts and field research). Data analysis, report preparation and presentation. (1h - lecture, 1h - practical)
4. Quantitative and qualitative methods for market analysis and forecasting
A comparison of quantitative and qualitative methods in market research. Justification for a research method chosen. (2h - lecture, 2h - practical)
5. Implementation of a business idea, business start-up opportunities
Macro-environmental factor analysis methods. Methods for examining an enterprise’s working environment. Business idea analysis methods. Digital single market. (1h - lecture, 1h - practical)
6. Research on the external business environment and an assessment of the export market
Methods for examining an enterprise’s external environment. Methods for acquiring information: surveys, observations, experiments. Questionnaire. Measurements, their application in marketing research. Measurement scales. (1h - lecture, 1h - practical)
7. Market segment width and length analysis
The types of market. A search for new segments, a segmentation network. Macro-segmentation stages, network testing. Market models, their creation. Forecasting. (1h - lectures, 2h - practical)
8. Buyer and demand research
The research object and subject, the research aim and research stages. Micro-segmentation, its stages and features. Whole segment selection rules. Target and focus marketing. (1h - lectures, 2h - practical)
9. Research on competitors’ activities
The research object and subject, the research aim, enterprise potential analysis methodology. M.Porter’s methodology according to the response profile of competitors. An analysis of strengths and weaknesses, the design of a development strategy. (1h - lectures, 2h - practical)
10. Digital market environment analysis
Internet search engines. Email marketing, Pay-per-Click marketing, online advertising, website content optimization and management systems, Google solutions (SEO, Ads Google, Google Analytics, etc.) and customer data analysis. (2h - lectures, 2h - practical)
11. Price analysis
The research object and aim. An analysis of basic price calculation methodologies, an analysis of an enterprise’s pricing policy and potential pricing strategies. Price testing. (1h - lecture, 2h - practical’s)
12. Research on the product, its competitiveness and distribution
Product offer creation. Sectoral market differences. Regional market differences. Sales forecasting. Marketing communication and means for product promotion in the market. (1h - lecture, 2h - practical’s)
13. Branding and error analysis
Product position creation. Product positioning. Product market outlook tests. ABC methodology – an assessment of sales structure. Brand audit. (1h - lectures, 1h - practical)
14. Development process of a new product and an assessment thereof
Product life cycle analysis. Product segmentation. The nature and methods of marketing. (1h - lecture, 1h - practical)
15. Ethical aspects of market research
The deontological and teleological approach to market research. (1h - lecture, 1h - practical)
16. Presentation of market research
A visual representation of market research results. An analysis and interpretation of the results acquired. (1h - lecture, 2h - practical’s)

Requirements for awarding credit points

In the theoretical classes of the course, students learn the process of analysing and forecasting the market environment – goal setting, plan preparation, selection of information sources, research stage and cost planning and selection of proper quantitative and qualitative research methods. At the end of the course, students must take a test to assess the extent to which they have completed their independent work. During the group work in practicals, students analyse consumer behaviour in the market macro-environment and assess the suitability of an enterprise’s micro-environment for achieving the market segment selected. Students must deliver a presentation of their individual independent work on market analysis and forecasting regarding the implementation of a business idea, thereby assessing the suitability of product “X” for a particular market segment.

Description of the organization and tasks of students’ independent work

In the study course, the amount of independent work is 64 hours, which are intended for: independent research of literature on the actualities of analysis, research and forecasting of the market environment (18 h); for the realization of a business idea, assessing the suitability of product "X" for a specific market segment, presenting the results in practical classes (22 h) and for the preparation of the product "X" research report (24 h).

Criteria for Evaluating Learning Outcomes

The overall evaluation of the study course is formed: 15% is the evaluation of the presentation of the independent work on the demonstration of the market analysis and forecasting of the business idea and product "X"; 30% test, 15% evaluation of the student's activity in discussions and debates in practical lessons and 40% research report on the market analysis and forecasting environment process. 10% corresponds to one point on the 10-point study results evaluation scale.

Compulsory reading

1. Praude V. Mārketings: teorija un prakse. 1. grāmata, 3. izd. Rīga: Burtene, 2011. 522 lpp.
2. Praude V. Mārketings: teorija un prakse. 2. grāmata, 3. izd. Rīga: Burtene, 2011. 348 lpp.

3. Chase C. W. Next Generation Demand Management: People, Process, Analytics, and Technology. E-book. John Wiley and Sons Ltd, 2016. 288 p.

Further reading

1. Patens D. Kā veidot mārketingu. Rīga: Lietišķās informācijas dienests, 2009. 264 lpp.
2. Vestvuds Dž. Kā rakstīt mārketinga plānu. Rīga: Zvaigzne ABC, 2008. 128 lpp.

3. Geipele I., Fedotova K. Stratēģiskie pārvaldības lēmumi: preces izplatīšana tirgū; mārketinga loģistika; merčendaizings: Mācību grāmata. Rīga: RTU, 2007. 181 lpp.

Periodicals and other sources

1. Latvijas makroekonomiskais apskats. Rīga: LR Ekonomikas ministrija.
2. Google digital garage. Free digital skills training. Pieejams: https://grow.google/intl/uk/#filter
3. International Journal of Market Research. Pieejams: www.journals.sagepub.com

Notes

Field professional specialization course (Part B₃) for the ESAF professional bachelor programme Entrepreneurship and Business Management.