Forecasting provides very useful projections for established products and services, but newly introduced products and services have wildly different success results. Name and discuss at least one product and one service that exploded with exponential increase in demand shortly after their introduction. What about products and services (2) that have largely been ignored?
Assignment: Managerial Challenge
Team Managerial Challenge
Survey and opinion polling is one forecasting tool that may be helpful in making short-period forecast. The greatest value of survey and opinion polling techniques are that they help to uncover if consumer tastes are changing or if business executives begin to lose confidence in the economy to maximize their wealth.
Assignment:
(1) Each team will research your assigned consumer product for changes in trend (trend analysis). (Post It Notes, Lexus IS, Audi, Disney, Six Flags, Sony PlayStation, Microsoft X-Box, Gucci, Louis Vuitton, Lego, Frito Lay Cheetos, Utz, Walmart, Target, Coca Cola, Dr. Pepper, Kitchen Aid, Cuisinart, Apple, Microsoft, Hallmark, Nike, Adidas, etc.). You must document your trend analysis information in the survey.
(2) Develop a survey of consumer intentions to determine if there will be a increase or decrease in demand for your teams product, will there be a change in design, and will there be an introduction of a new product.
(3) The questions in your survey-opinion poll should be designed to capture if the current users of the product are satisfied or unsatisfied with the product, how they currently use the product, how often do they use/purchase the product and so forth. The questions should be designed to capture consumers intent in the near future. This information will help you determine as the manager what should be the next steps for this product and/or complete brand. This will be your final group recommendation.
(a) Your teams survey/opinion poll should have an introduction that includes an overiew of your company (1) when they were established, (2) founders, (3) product or service offered, and (4) latest events in the news and/or media.
(b) The survey must be at least 10 questions.
(c) The conclusion must include your final organizational decision (recommendation) from an economic perspective – (1) introduce a new product, (2) update the existing product, (3) remove the product from the market, (4) increase the price of the product because of future demand. Your group can select one, all four, or make your own recommendation. However, the recommendation must support the information in your survey/opinion poll.
(d) The survey must have a reference list for each article you researched to gather the trend analysis and other data.
Submission Details:
Your response should be no less than 250 words
Follow the APA style of writing with in-text citations and a reference list.
Upload your paper to the Managerial Challenge Assignment link.
Due Day 7, Sunday 11: 59 pm ET.
