Interpret Market Trends and Development
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7021 Downloads I Published: 28 May ,2018
Nowadays, companies are carrying out the regular course of activities and operations across worldwide by serving customers of different countries. Globalised expansion raises the need for the businesses to apply various advanced statistical tools and techniques to examine and interpret their organisational result and performance. The present report is based on Seaside Caravan Parks that is operating at six different locations throughout Australia and planning to expand internationally. The report aims at analysing and examining the current park capacity and its existing booking performance for the last four years ranging from 2009 to 2012. By it, company's potential performance will be forecasted through the least square method and trend line. Along with this, in the end, the report will also visualise data graphically to illustrate the findings in an effective way, so that, managers can frame suitable and appropriate strategies to meet out defined targeted goals.
As per the given information about the seaside caravan parks, it has been found that park capacity has constant in 2009 to 2012. It means the company has not done any changes in the infrastructure and area of Caravan Park. This park includes various facilities such as licence, colour gas sales, launderette, children's playground shower, bath and toilets. After 2012, season park has developed, and its capacity is increased by 450 in 2013 and 2014.It has also been found from the information that booking of this park was 300 in 2009 which has continuously increased year after year. It means the popularity of this park has increased and the customer was more like to visit there. On the other hand, the number of driven visitors in this park was 65 in 2009,70 in 2010, 76 in 2011 and 70 in 2012.It means the number of driver visitors is decreased by 2011.From this information, it has been cleared that driven visitor decreased in 2012.It has also founded that booking from families, couple and visitors had also decreased by 2011 in the seaside caravan park.
In 2013, according to the given information, it can be forecast that existing booking can be increased because park capacity has increased in 2013 and 2014.It can also forecast that booking from families, Couple and individual may increase in 2013 if organisation increase more facilities in the seaside park. However, it chances to decrease the number of visitor in 2013 because it has down from 2011
As per the given data, it has been founded that by 2011 the number of booking from families, couple and individual has decreased in 2012.So it can forecast that customer are not like to visite the park.The company should increase park sites and facilities so as it can increase visitors in 2013.
To increase the extra facilities in the park, a company should focus on the various arrangements such as children playground, adult ground, shower, swimming pools, and zoo place for kids. Further, a company can add various extra arrangements for visitors like refreshments, bath, toilet, entertainment, etc. The company should focus on all types of visitors lie individual, families, couple. For families, company can provide families entertainment activities in the park like dance, singing, playing, etc. On the other hand for a couple, it can add a special place in the park where they can spend their special time. By these facilities, cited venture can increase its popularity and sites also. These types of needs are determined because according to the given information about the visitor in the different year, all categories visitors like a couple, individual,families has decreased in 2012 so in 2013 corporation should focus on all types of visitors requirement in the Seaside Park.
In order to determine the mentioned need such as development of parks, adding mode facilities in the park various information required to organisation.In this manner, customer requirement and their desires need to identified by firm (Anderson, Sweeney and Williams, 2014).Most important information is customer requirement, population of country, available competitors, economic condition of country etc. By identifying this information company can easily meet the need of park.
In this research process, as a marketing manager, I prepare a survey format and questionnaire document through which I can identify the needs of the customer. According to the survey, I can easily determine that which type of facilities and development required from a customer in the context of Seaside Caravan Park. By questionnaire, I can ask the answers to various question related to existing facilities and condition of the park from customer. Organization representative and marketing manager can involve in this process.
As per the given information near the Wollongong seaside caravan park, one another competitor has opened a park. This thing may affect the performance of cited venture because may customer can switch their entertainment zone. To overcome the negative impact of this competition, I have to effectively monitor and analyses the statistical data of company and performance. By this monitoring , as a marketing manager, I can address that what type of strategies are followed by rival and according to these strategies or tactics I can manage my company's performance. On the other hand, by effective monitoring and analysing, I can develop strategic action to develop my company performance so as seaside caravan park can attract a large number of customer.
With the stated scenario, 2012’s drive in figures are not considered useful indicator for the demand forecasting for the future period. The reason behind this is it was only the number who could be accommodated during the busy schedule of Caravan Park as it was exactly equal to hit the total capacity of 400. As at this level, total of existing booking of 330 plus drive-in customers to 70 comes to 400. Thus, it becomes clear that 70 is not an accurate number, it is just the maximum number of drive in visitors that can be accommodated by Caravan park to fully utilize their park capacity.
Average method- In this method, the prediction of all future value are equal to the mean of the past data. This approach can be used with any data where past data is available. By use of this technique, a company can easily identify and analyses the future value. I can easily identify existing and emerging market trends at seaside caravan parks by the prediction of all future value add to the mean of past data (Lee and Peters, 2015). Under the average cost method it is assumed that the cost of inventory is based on the average cost of the goods available for sale during the period. The average cost is computed by dividing the total cost of the goods available for sale by the total unit available for the sale. On the basis of finding in the above calculation it has been founded that in 2013 and 2014, total bookings of drive-in-visitors is estimated to 81, 87 and 92. So it can be said that Seaside Caravan Parks booking of families and booking from couples may increased as compare to the past year. As per the calculation of this above table it has founded that in the year 2012 total booking (existing plus drive in customer) of 330+81=411.According to this data it can forcasted that cited venture requires to omprove its existing condition of business so as it can atatrct the large number of customer in the future.
Qualitative v/s quantitative method- it is subjective, based on the opinion and judgment of consumers, experts. They are usually applied to the intermediate or long-range decision. This method is used to forecast future data as a function of past data. They are appropriate to use when past numerical data is available (Levine, Krehbiel and Berenson, 2013).Qualitativbe reserch method is used to uncover trend in thought and opinion and dive deeper into the problem.It is typically descriptive data and as such is harder to analyse than quantuiitative data.
Least square method- The method of leaset square is standard approch in regression analysis to the appropximater siolution of overdetermined systems.With assitnace of this lest square method, the data can forecast of the Caravan park of the year 2012, 2013 and 2014.As per the acalculation of this method, it has been foiunded that the total booking of drive in visitor is estimated to 81, 87 and 92 respectively.In accordance with the results, it is founded that in the year 2012, total booking (existing plus drive-in customers) of 330 + 81 = 411 which is already out of space as it is above the capacity of the park that is founded 400. As per tuis analysis of the park with help of least square method, cpompany requires to increse its accomodation and othger facilities so as the custromer can more satatrctd in the 2013.
The importance of forecasting- In the context of the seaside caravan park, forecasting is very beneficial because by this company can easily assess the future needs to develop its business. It assists in planning the all business operation which helps in increase the profitability. Further, forecasting assist to the manager to take correct action or take decision related to business activities in future as well as present time.
How it affects their organisation- Forecasting affect the seaside caravan park activities and function because by this forecasting company takes future actions and decision. Thus, according to forecasting, the firm have to arrange the required resources such as financial, managing human resources, physical, etc. On the other hand, to implement forecast action and decision, seaside caravan park to prepare a systematic planning and reporting for all necessary requirement future (Nguyen, Charity and Robson, 2016). It can be said that forecasting affect business in a positive manner because by this various negative action and losses can remove from the organization.
Report on Market data- It is important to ensure that your audience can easily understand the results of your analysis and see the significance. Achieving this objective in any form of presentation will require effective use of visuals and clear explanation of data to make your message clear.
Preparation and plotting data through graph- The graphical presentation is also a widely used technique so as to visualize and present data more effectively and efficiently. It provides a quick idea to the business analysts about the performance of the organization (Freed, Bergquist and Jones, 2014). Referring the stated scenario, the graph has been presenting here by comprising a set of options that are park capacity, existing booking, booking by drive-in visitors, families, couples and individuals as well, see below:
Potential problems: In the future, the company may face issues and challenges due to declining family booking, couples bookings and individual booking. As a result, total revenue of the firm may be a decline, which in turn, net earnings may also decrease. Consequently, it will not be able to gain competitive advantages over the rivalries and defeated by key industry players (Jaggia and et.al., 2016).
Remedial actions:To eliminate the potential challenges and threats, following corrective actions can be suggested mentioned below:
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Above project report concluded that in the previous year, Seaside Caravan Park's capacity remains constant to 400, however, existing booking shows a rising trend of the constant increase of 10 every annum. However, in 2012, family, couples, drive-in visitors and individuals booking dropped down resulted in declined performance. The forecasting technique of least square method and trend line founded that, the number of bookings by drive-in visitors will go upward in the forwarding period on Christmas. While, to drive success, it has been advised to expand internationally, follow affordable pricing mechanism policy and render the best value to the guests.
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