What are Advanced Forecasting Tasks & Techniques?
You are a Growth Lead for 'EcoHome', an online platform specializing in eco-friendly home products. EcoHome has experienced steady growth, driven by increasing consumer interest in sustainability.
Your role involves harnessing data analytics to inform and shape the company’s growth and marketing strategies. The platform’s data encompasses sales trends, customer feedback, website traffic, and the effectiveness of various marketing campaigns.
Overall Objective:
The overarching goal is to employ a spectrum of analytical techniques to support EcoHome's market expansion and operational enhancement.
You’re tasked with applying appropriate analytical methods to diverse business challenges, from understanding current market dynamics to forecasting future trends.
This includes moving beyond basic data interpretation to predictive analytics, helping the company to make proactive, data-driven decisions.
Specific Questions:
- Question 1: The marketing team is assessing the performance of recent ad campaigns. Which technique should they use to understand the current impact of these campaigns on sales?
- Question 2: EcoHome plans to launch a new line of products. What predictive method should be used to forecast the demand for these products, considering past sales data, market trends, and customer surveys?
- Question 3: To manage stock levels more effectively, what forecasting approach should be used to predict seasonal variations in product sales?
- Question 4: The company wants to explore potential outcomes of a proposed partnership with a global eco-friendly brand. How should they employ scenario analysis for this purpose?
- Question 5: EcoHome is considering expanding into a new geographic market. What advanced technique should be used to analyze the market potential, considering various external economic and environmental factors?