Question

Both qualitative and quantitative research as well as performance tracking can be used to measure brand equity and performance. Financial metrics can identify anomalies and trends, so an organisation can identify initiatives that drive positive results. However, financial metrics result from ‘brand strength’. Identify ways an organisation can measure ‘brand strength’ on an ongoing basis.

Answer 1

There are two types of forecasting models.

• Quantitative

• Qualitative

Quantitative forecasting methods can be defined as a method in which the predictions are made on the numerical facts for predicting the upcoming events.

Two main type of quantitative forecasting methods are as follows

• Explanatory method

• Time series method

Explanatory method

Explanatory Method can be defined as a method in which changes for the specific term is measured with the help of the statistical data and this directly helps in explain in what is causing the specific variation hence we call it explanatory model for the forecasting.

Time series method

Time series Method can be defined when the data is very useful for forecasting the things which can change over time. For example stock prices of Walmart or monthly rainfall as well as annual Google profits can be a part of the time series method for forecasting which provides an Observation for the same thing and helps in forecasting. This is done by predicting the sequence of the specific Observation for the future.

Qualitative approach forecasting done with solutions when the sufficient information is not available for the specific topic. Where the specific data is not available qualitative approaches are used.

Some main qualitative approach are as follows.

• Jury of execution opinion.

Into the specific method opinions of experts are taken and later they are combined and averaged. The specific strategy takes individual opinion or Group opinions on the basis of the requirement. All element are requested to generate new ideas which are later evaluated for their specific profitability as well as feasibility .

• Opinion of the salesperson.

This specific method is done by having the opinions of the sales managers for setting the trend in the industry. Overall Trends for the marketing can be calculated by taking the opinion of the salesperson in the industry. Forecasting methods are basically used for short term planning as the level of data gained from the sales person or not very sophisticated.

• Consumers Expectations.

Consumer Expectations method directly works on the basis of creating a server with the customers. While asking the customers for the future needs this survey is carried out and provide a Useful information where the industry is very limited. Based on the specific Service result overall forecast for the specific survey can be implemented into the organisational structure.

For network the best available option for forecasting would be jury of execution option as it would provide a valuable information. networks can be widely improved as well as implementation of your strategies can be done with the help of the expert opinion. From choosing the medical equipment as well as having a specific turn over the medicines used in network can be done with the help of the Jury of the execution opinion analysis method. The forecasting method is very accurate as the participants are highly educated and provide specific information regarding the same field I belong to. The Saturday practice also increases the efficiency of the forecasting as most of the Jury members have an experience of the same field in which they are forecasting. networks really need forecasting for a better management as well as service provision to the customers. Jury of execution opinion method would be most suitable for an organisation to conduct the predictive analysis.

All of these approaches are very beneficial for organisation for creating a perfect brand. Using the correct forecasting and evaluation technique and be very beneficial for the organisation as it directly affects the overall position of the organisation and helps to maintain better organisation structure and improve the brand strength.