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Marketing Research and Market Forecasting

Course developer

Replaced course

Ekon5137 [GEKO5137] Marketing Research and Market Forecasting

Course abstract

The study course focuses on a wide range of theoretical marketing issues, and master students acquire necessary knowledge about and skills in market research and forecasting, kinds of market research, doing market research studies as well as methods for collecting data for market research and forecasting. Master students develop professional skills to analyse the market, consumers, the supply of goods and services and study market research methods and growth scenarios. In seminars, master students practically apply the research methods and prepare and present their market research reports.

Learning outcomes and their assessment

Knowledge
Students will have:
Students will be able to:
• demonstrate an in-depth knowledge of marketing, marketing studies, market research and projections – test.
• Demonstrate a reasoned understanding of how to apply specific methods to research the market, which is consistent with the latest findings in marketing theory - Independent work
Skills
Students will be able to:
• Reasonably explain urgent market research matters to and discuss them with specialists and the public - discussions in seminar classes
• Independently do market studies and justify the chosen marketing strategy by using problem-solving skills - independent work;
• Responsibly plan the completion of the assignments given and take responsibility for group work results and their analysis - group work, a summary;
• Communicate with colleagues, present and defend the results of market studies and projections - Presentation.
Competences
Students will be able to:

• Independently formulate and substantiate scientific and professional market research and - examination.

Course Content(Calendar)

1. Nature, process and concepts of marketing (1 h lecture).
2. Marketing and society (1 h lecture).
3. Nature, goals and tasks of market research and forecasting. The role of and gains from market research and forecasting (2 h lecture).
4. Strategic planning of marketing (2 h lecture).
5. Macro- and micro-environment of marketing (1 h practicals).
6. Drivers and factors of consumer behaviour, their choice (1 h practicals).
7. Identification and analysis of the market segment by economic, demographic and social factor (1 h practicals).
8. Forms and kinds of promotion of a product (1 h practicals).
9. Development and lifecycle of a new product, research on the new product – portfolio analysis (2 h practicals).
10. Marketing of services, the role of human resources in assuring the quality of services (1 h practicals).
11. Price formation strategies (2 h practicals).
12. Marketing communication methods, methods and strategies for the promotion of goods and services (1 h practicals).
13. Advertising. The most effective methods of advertising (1 h practicals).
14. Role of e-commerce in performing the functions of marketing (1 h practicals).
15. Market research stages: search, descriptive and experimental goals (3 h lecture).
16. Doing a market study (1 h lecture).
17. Classification of information (1 h lecture).
18. Tasks of analysis of the internal and external environments of an enterprise (2 h practicals).
19. Information collection: means of communication and random sampling methods (3 h practicals).
20. Market forecasting methods. The expert method. The Delphic oracle. The trend method. The scenario method. Insight into hierarchy analysis (4 h practicals).
21. Interpretation of analysis results (2 h practicals).

22. Content of a report on market research and forecasting and a presentation of the report (2 h practicals).

Requirements for awarding credit points

1. Test.
2. Independent works -3.

3. Examination.

Description of the organization and tasks of students’ independent work

The course involves doing independent work:
1st independent assignment – M.Porter’s five force analysis. The internal and external environments of the market; the behavioural patterns of consumers; market segmentation (an individual study and a presentation).
2nd independent assignment – Width and scale of a market niche. Development of a new product; practical marketing; e-commerce (an individual study and a presentation).
3rd independent assignment – Wastebasket method. Analysis of brands, the scenario method (an individual study and a presentation).

Criteria for Evaluating Learning Outcomes

The final mark consists of the following pieces of assessment:
1. Examination – 50%;
2. Tests – 20%;

3. Independent assignments – 30%.

Compulsory reading

1. Praude V. Mārketings: teorija un prakse. 2. grāmata, 3. izd. Rīga: Burtene, 2011. 348 lpp.
2. Lilien G.L.,Rangaswamy A., Bruyn A. D., Principles of Marketing Engineering and Analytics, DecisionPro, inc., 2018, 314.p.
3. Praude V. Mārketings: teorija un prakse. 1. grāmata, 3. izd. Rīga: Burtene, 2011. 522 lpp., il.
4. Churchill G.A., Lacobucci D. Marketing Research: Methodological Foundations. Cengage Learning, 2018, 592.p.
5. Szwacka-Mokrzycka J., Rivza B., Lemanowicz M., Uljanova E. A study on consumer behaiour in the food market Eastern European |Countries case. Warsaw University of Life Sciences Press, Warsaw, 2021, 143 pp.

Further reading

1. Gililand M.,Tashman L.,Sglavo U. Business Forecasting: A Practical Approach,Wiley, 2015, 336 p.
2. Kadens R. Partizānu mārketinga tirgus izpēte. Rīga: SIA Lietišķās informācijas dienests, 2008, 251 lpp.
3. Kotlers F. Mārketings no A līdz Z. Rīga: Jumava, 2007, 201 lpp.
4. Manns I. Bezbudžeta mārketings. Rīga: Zvaigzne ABC, 2013, 232 lpp.
5. Parnell John A. Strategic management. Theory and Practice, Sage, 2014, 53.-117.p.
6. Praude V. Menedžments: 1.grāmata. Rīga: Burtene. ”Pārmaiņu un inovāciju menedžments”, 470.-496.lpp. 2012.
7. Rivža B., Zvirbule A., Grīnberga-Zālīte G., Pelše M., Jermolajeva E., Krūzmētra M., Rivža P., Štefenberga D., Gudele I., Ābele L., Hohlova V. Latvijas spēks ilgi pastāvēt. Jelgava: SIA Jelgavas Tipogrāfija. 2022., 479 lpp.
8. Simtam pāri. Viedā Latvija., Galvenā redaktore B.Rivža, LZA, 2018., 416 lpp.
9. Vietējo pārtikas ķēžu pārstrukturizēšana un noturības stiprināšana krīzes un pēckrīzes laikā Latvijā. Autoru kolektīvā zinātniskā monogrāfija, galvenā redaktore Irina Pilvere, Latvijas Lauksaimniecības universitāte un Dārzkopības institūts, SIA Drukātava, Jelgava, 2021., 464 lpp.

Periodicals and other sources

1. “Journal of International Marketing”, American Marketing Association. ISS (printed): 1069-031X. ISSN (electronic): 1547-7215
2. “European Journal of Marketing”. Emerald Insight. ISSN: 0309-0566
3. “Journal of Marketing Theory and Marketing Practice”. Association of Marketing Theory and. Practice. US. ISSN: 10696679

Notes

Compulsory course for the ESAF academic Master programme Economics