USC Forecasting Is the Science of Predicting Happenings of The Future Questions

User Generated

Vprvazlirvaf

Business Finance

University of Southern California

Description

Consumer Lifestyle Segmentation and STP (Segmentation, Targeting, and Positioning) Marketing


Objective: This assignment is to familiarize you with Values and Lifestyles Segmentation (VALS) profiles, including your profile, a powerful psychographics (lifestyle) segmentation tool, and demonstrate the relationship of segment profiles to product/service offerings and communication strategy (STP Marketing).

Go to the web site of the Stanford Research Institute (SRI): http://www.strategicbusinessinsights.com/vals/.

First, explore the VALS links on the left pane of the homepage and read the description of eight consumer lifestyle profiles (The VALS Types).

Click on VALSs Survey on the main page and then "Take the VALS survey" link. Complete the survey (Note: For income question, select an anticipated figure after graduation.)

Examine your primary and secondary lifestyle profiles in detail, and copy and paste them onto your write-up page.

Requirements: (1) Choose a specific product category of a hotel (budget, upscale, or luxury, hotel-casino, etc.) or a restaurant (casual, family, or theme, etc.) to design; (2) Discuss what type of design products/services/benefits the hospitality companies in the category of your choice should offer to appeal to your consumer profile; and (3) Discuss your communication and positioning strategy and type of messages/taglines you would use to target your consumer profile more effectively. Your write-up should be at least 1.5 (750 words) pages (single-spaced and 12 pts font size). Please note that the 1.5-page length requirement excludes the descriptions of your primary and secondary lifestyle profiles.

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Explanation & Answer

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FINANCE DISCUSSION

Finance Discussion
Student’s Name
Institution

FINANCE DISCUSSION

2
Question one

Forecasting is the science of predicting the happenings of the future. It is done using time
horizons. People have different forecasts and views of the future. Skilled people working in the
same business may have different forecasts and opinions because of different workplace
experiences. People encounter a different situation in the same line of duty. Therefore, people
collect different data even in the same profession. If everyone collects their own data and bases
their forecast using that data, then their views about the future tend to be different.
The data collection method and analyses that professionals use also contribute to the
difference in the forecast and future views. For instance, I once used qualitative data collection
methods in determining factors that affect a country's financial status in the next ten years. My
friend did the same topic, but our results were different because he used quantitative data
collection methods. Data interpretation also influences the difference in the forecast (Tate, 2017).
People interpret facts differently. Thus, they predict views based on how they interpret issues.
The people who train or coach us also influence the difference in future views. For instance, I
base my arguments are based on my tutor and the articles that I read. Different scholars have
different ideas and perceptions, thus impact different views and thus influence how we reason
about the future.
Question two
Data can be used better to improve forecasting by keeping accurate data. We should
ensure that we collect data that is credible, reliable, and correct. This way, our future views will
also be correct because the interpretations will be made from correct information. The other
method of utilizing data for better forecasting is to make use of historical data (Tate, 2017). The

FINANCE DISCUSSION

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past is a great determinant of how the future will be. This is because we can easily monitor
trends and thus improving on predictions. Making use of reference to compare and contrast data
is also a way of improving our forecasting skills. Data updating is also very crucial in improving
forecasting. Data that is up to date helps us determine if our predictions are sailing on the right
track. By so doing, forecasting will be much improved.
Question three
The sensitive analysis determines how diverse independent variables impact a particular
dependent variable in a given set of assumptions (Hansen, 2017). Indeed, the sensitivity analysis
would have helped management understand the potential variation driven by changes in
assumptions. This is because they determine how to target variables are imp...


Anonymous
Really useful study material!

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