20231026_Deutsche_Bank_RI-FP_Pernod_Ricard-_1Q_in_line_but_guidance_seems_a_stretch
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Uploaded by MateViper4413
19 October 2023
1Q broadly in line but guidance seems a stretch
Pernod's delivered 1Q organic sales growth that was broadly in line with consensus expectations and gave FY24 guidance for organic sales growth at the low end of its 4-7% medium term growth range. We update our estimates for 1Q but continue to see the organic sales growth range as out of reach in FY24 (DBe 2.0%) given US headwinds and China uncertainty and broader de-stocking risk.
US risk offsets more positive China commentary
On the call, management indicated that it expects positive growth in the US in FY24 despite 1Q being -8%. With industry data pointing to flat consumer offtake ytd and with challenging comparators for the balance of FY24 (on a 4yr stack basis) we expect US growth to disappoint (we forecast FY24 -3.6%) despite the benefit of acquisitions boosting organic growth.
We remain concerned that there is an additional risk of headwinds from inventory contraction at the wholesaler and retailer level given overall industry inventories are close to a 30yr high. Management commentary on China was more positive than recent peer read-across would imply but we believe visibility remains low.
Still a quality company but still see downside to the shares
We continue to see Spirits as an attractive category long-term and believe Pernod's category exposure leaves it well placed to deliver long-term value for shareholders. However, we expect cyclical headwinds to cause growth to disappoint and see Pernod's premium focus leaving it at greater risk of downtrading than some peers.
The c.5% increase in Pernod's share price following the results has broadly eradicated Pernod's valuation discount to the sector leaving the shares trading on a CY24E P/E of 19.2x, a 3% discount to European Staples but a 17% premium to European Beverages with a FCF yield of 2.6% (Staples 4.3%). Pernod is -16% over the last 3m, underperforming SX3P -8% and SXXP -3%. Remain SELL rated.
Forecasts and ratios
Year End Jun 30
2022A
2023A
2024E
2025E
2026E
DB EPS (EUR)
8.18
9.11
8.39
9.20
10.01
% Change
0.0%
0.0%
1.2%
1.4%
1.3%
P/E (DB EPS) (x)
23.5
21.2
18.9
17.2
15.8
Source: Deutsche Bank estimates, company data
Mitch Collett
Research Analyst
+44-20-754-11307
Archit Agarwal
Research Associate
Tom Sykes
Research Analyst
+44-20-754-76418
Siobhan Lynch
Research Analyst
+44-20-754-10965
Gerry Gallagher
Research Analyst
+44-20-754-50251
Key changes
TP
160.00 to 153.00
↓
-4.4%
Source: Deutsche Bank
Stock option liquidity data
Shares outstanding (m)
254
Option volume (und. shrs., 1M avg.)
102,695
Market cap (EUR)(m)
40,086.1
Free float (%)
75
Source: Deutsche Bank
Deutsche Bank AG
IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. MCI (P) 097/10/2022. Deutsche Bank
Research
Rating
Sell
Europe France
Consumer Staples Beverage
Company
Pernod Ricard
Date Forecast Change
1Q in line but guidance seems a stretch
Price at 18 Oct 2023 (EUR)
158.60
Price Target (EUR)
153.00
52-week range (EUR)
217.40 - 157.00
Valuation & Risks Reuters
Bloomberg
Exchange
Ticker
PERP.PA
RI FP
PAR
PERP
ADR
ISIN
PDRDY
US7142642070
Distributed on: 19/10/2023 10:46:12 GMT
7T2se3r0Ot6kwoPa
This document is being provided for the exclusive use of MOHAMMED SAQIB at WILFRID LAURIER
UNIVERSITY.
19 October 2023
Beverage
Pernod Ricard
Page 2
Deutsche Bank AG
Updating estimates for 1Q
We update our estimates for 1Q24 sales results. We reduce our organic sales and operating profit forecasts for Americas, however increase slightly for Asia and Europe. This results our group organic growth forecasts to remain broadly unchanged. However, FX drives our EPS to increase by c. 1% for FY24-26E.
To reflect higher bond yields, we have also updated our risk free rate assumption for the calculation of WACC to 3.5% from 3.25%. All other WACC assumptions (equity risk premium 6.0%, cost of debt 3.0%, tax rate 30% and beta 0.9) remain unchanged. This leads to a reduction in our target price to €153 (from €160).
Figure 1: We group organic numbers for FY remain broadly unchanged...
FY24
FY25
FY26
EUR mln
New ests
Old ests
Change
New ests
Old ests
Change
New ests
Old ests
Change
Sales
2.0%
2.3%
-0.3%
5.1%
5.1%
0.0%
5.3%
5.3%
0.0%
Americas
-4.2%
-2.5%
-1.7%
3.5%
3.5%
0.0%
3.8%
3.9%
-0.1%
Asia/ROW
6.4%
6.2%
0.2%
8.3%
8.4%
0.0%
8.5%
8.5%
0.0%
Europe
1.4%
1.1%
0.3%
1.7%
1.8%
-0.1%
1.8%
1.9%
-0.1%
Operating profit
2.6%
2.6%
0.0%
6.0%
6.0%
-0.1%
6.3%
6.4%
-0.1%
Americas
-7.0%
-4.2%
-2.8%
4.6%
4.7%
0.0%
5.2%
5.3%
-0.1%
Asia/ROW
8.0%
6.9%
1.1%
9.8%
9.9%
-0.1%
9.9%
10.0%
-0.1%
Europe
3.8%
2.8%
1.0%
0.7%
0.9%
-0.1%
0.8%
1.0%
-0.1%
EBIT Margin expansion (org)
16
8
8
24
24
-1
27
28
-1
Americas
-88
-55
-33
28
27
1
34
34
0
Asia/ROW
43
19
25
39
40
-1
40
41
-1
Europe
61
42
19
-25
-23
-1
-24
-22
-1
Source : Deutsche Bank estimates
Figure 2: ...FX drives our EPS increases
FY24
FY25
FY26
EUR mln
New ests
Old ests
Change
New ests
Old ests
Change
New ests
Old ests
Change
Sales
12,116
12,196
-0.7%
12,766
12,848
-0.6%
13,443
13,533
-0.7%
Operating profit
3,283
3,249
1.0%
3,500
3,455
1.3%
3,722
3,678
1.2%
Americas
883
894
-1.2%
936
941
-0.6%
984
991
-0.7%
Asia/ROW
1,521
1,486
2.4%
1,679
1,638
2.5%
1,845
1,802
2.4%
Europe
879
869
1.1%
885
876
1.0%
893
885
0.9%
EBIT margin
27.1%
26.6%
27.4%
26.9%
27.7%
27.2%
Net Finance Charges
-409
-408
0.4%
-382
-381
0.3%
-360
-358
0.4%
Taxes (excl exceptionals)
-718
-710
1.1%
-779
-769
1.4%
-840
-830
1.3%
Tax rate 25.0%
25.0%
0.0%
25.0%
25.0%
0.0%
25.0%
25.0%
0.0%
Minorities (and associates)
-28
-28
0.0%
-31
-31
0.0%
-34
-34
0.0%
Net profit (adj)
2,127
2,103
1.2%
2,308
2,275
1.4%
2,488
2,456
1.3%
EPS (adj, fully diluted)
8.39
8.29
1.2%
9.20
9.07
1.4%
10.01
9.88
1.3%
Number of shares - mln
254
254
0.0%
251
251
0.0%
248
248
0.0%
Dividend per share
4.33
4.28
1.2%
4.74
4.68
1.4%
5.16
5.10
1.3%
Net Debt (year-end)
-11,588
-11,554
0.3%
-11,859
-11,844
0.1%
-12,064
-11,997
0.6%
FX impact on EBIT -170
-210
21
11
0
0
Average EUR/USD rate
1.06
1.07
-0.8%
1.05
1.06
-1.1%
1.05
1.06
-1.1%
Average EUR/INR rate
88.3
88.7
-0.4%
87.7
88.2
-0.6%
87.7
88.2
-0.6%
Average EUR/CNY rate
7.75
7.80
-0.7%
7.71
7.78
-0.9%
7.71
7.78
-0.9%
Source : Deutsche Bank estimates
This document is being provided for the exclusive use of MOHAMMED SAQIB at WILFRID LAURIER
UNIVERSITY.
19 October 2023
Beverage
Pernod Ricard
Deutsche Bank AG
Page 3
Figure 3: We are well below consensus...
-2%
-3%
-3%
-4%
-5%
-6%
-8%
-8%
-8%
FY24
FY25
FY26
Sales
EBIT
EPS
Source : DB estimates, Bloomberg Finance LP
Figure 4: ...with decline in EPS estimate in FY24
0%
5%
5%
-2%
7%
6%
-8%
10%
9%
FY24
FY25
FY26
Sales
EBIT
EPS
Source : DB estimates
This document is being provided for the exclusive use of MOHAMMED SAQIB at WILFRID LAURIER
UNIVERSITY.
19 October 2023
Beverage
Pernod Ricard
Page 4
Deutsche Bank AG
Model updated: 19 October 2023
Running the numbers
Europe
France
Beverage
Pernod Ricard
Reuters: PERP.PA
Bloomberg: RI FP
Sell
Price (18 Oct 23)
EUR 158.6
Target Price
EUR 153.0
52 Week range
EUR 157.00 - 217.40
Market cap (m)
EURm 40,086
USDm 42,231
Company Profile
Pernod Ricard has rapidly expanded over the past 20 years, through
both organic growth and acquisitions to become one of the world's
leading Spirits companies. Pernod has chosen to focus on sustainable
growth through a large portfolio of international brands and a high-
end strategy. Its brands include Chivas Regal, Martell, Ricard, Pernod,
Jameson, Havana Club, Ballantines, Beefeater, Kahlua and Malibu in
spirits and Jacob's Creek, Brancott Estate and Montana in wines.
Price Performance
Pernod Ricard
DJ (.STOXXE) (Rebased)
Jan '21
Jul '21
Jan '22
Jul '22
Jan '23
Jul '23
125
150
175
200
225
Margin Trends
EBITDA Margin
EBIT Margin
21
22
23
24E
25E
26E
26
28
30
32
34
Growth & Profitibility
Sales growth (LHS)
ROE (RHS)
21
22
23
24E
25E
26E
0
10
20
-10
30
8
10
12
14
16
Solvency
Net debt/equity (LHS)
Net interest cover (RHS)
21
22
23
24E
25E
26E
0
25
50
75
6
8
10
12
Mitch Collett
+44 20 754-11307
mitch.collett@db.com
Fiscal year end 30-Jun
2021
2022
2023
2024E
2025E
2026E
Financial Summary
DB EPS (EUR)
6.16
8.18
9.11
8.39
9.20
10.01
Reported EPS (EUR)
4.99
7.68
8.81
8.39
9.20
10.01
DPS (EUR)
3.12
4.12
4.70
4.33
4.74
5.16
BVPS (EUR)
56.8
62.1
61.8
63.3
65.7
68.4
Weighted average shares (m)
261
259
256
253
250
248
Average market cap (EURm)
40,939
49,717
49,456
40,086
40,086
40,086
Enterprise value (EURm)
49,159
58,970
60,598
52,543
52,813
53,018
Valuation Metrics
P/E (DB) (x)
25.5
23.5
21.2
18.9
17.2
15.8
P/E (Reported) (x)
31.5
25.0
21.9
18.9
17.2
15.8
P/BV (x)
3.29
2.82
3.27
2.51
2.41
2.32
FCF Yield (%)
4.0
3.6
2.9
2.0
4.0
4.5
Dividend Yield (%)
2.0
2.1
2.4
2.7
3.0
3.3
EV/Sales (x)
5.6
5.5
5.0
4.3
4.1
3.9
EV/EBITDA (x)
17.6
17.3
16.1
13.8
13.0
12.3
EV/EBIT (x)
20.3
19.5
18.1
16.0
15.1
14.2
Income Statement (EURm)
Sales revenue
8,824
10,701
12,137
12,116
12,766
13,443
Gross profit
5,293
6,473
7,246
7,241
7,684
8,138
EBITDA
2,790
3,405
3,765
3,817
4,062
4,314
Depreciation
367
381
417
534
562
592
Amortisation
0
0
0
0
0
0
EBIT
2,423
3,024
3,348
3,283
3,500
3,722
Net interest income(expense)
-371
-260
-326
-409
-382
-360
Associates/affiliates
0
0
0
0
0
0
Exceptionals/extraordinaries
0
0
0
0
0
0
Other pre-tax income/(expense)
-62
-62
-83
0
0
0
Profit before tax
1,990
2,702
2,939
2,873
3,118
3,362
Income tax expense
662
672
651
718
779
840
Minorities
24
34
25
28
31
34
Other post-tax income/(expense)
0
0
0
0
0
0
Net profit
1,305
1,996
2,262
2,127
2,308
2,488
DB adjustments (including dilution)
307
128
78
0
0
0
DB Net profit
1,612
2,124
2,340
2,127
2,308
2,488
Cash Flow (EURm)
Cash flow from operations
1,998
2,294
2,033
1,752
2,369
2,568
Net Capex
-370
-481
-602
-969
-766
-807
Free cash flow
1,628
1,813
1,431
783
1,603
1,762
Equity raised/(bought back)
-20
-813
-786
-790
-770
-770
Dividends paid
-704
-826
-1,072
-1,146
-1,104
-1,197
Net inc/(dec) in borrowings
-688
956
741
500
500
100
Other investing/financing cash flows
-73
-680
-1,232
0
0
0
Net cash flow
143
450
-918
-654
230
-105
Change in working capital
-54
-252
-568
-774
-389
-401
Balance Sheet (EURm)
Cash and other liquid assets
2,086
2,559
1,624
976
1,205
1,101
Tangible fixed assets
3,177
3,591
3,614
4,006
4,189
4,382
Goodwill/intangible assets
16,230
17,657
18,999
19,043
19,063
19,084
Associates/investments
36
243
40
40
40
40
Other assets
10,618
11,962
13,399
13,643
14,470
15,314
Total assets
32,147
36,012
37,676
37,707
38,968
39,921
Interest bearing debt
9,601
11,199
11,890
12,390
12,890
12,990
Other liabilities
7,471
8,561
9,071
8,409
8,732
9,061
Total liabilities
17,072
19,760
20,961
20,799
21,622
22,051
Shareholders' equity
14,829
15,944
15,717
15,908
16,342
16,863
Minorities
246
309
998
1,001
1,004
1,007
Total shareholders' equity
15,075
16,253
16,715
16,908
17,345
17,870
Net debt
7,515
8,640
10,266
11,414
11,685
11,889
Key Company Metrics
Sales growth (%)
4.4
21.3
13.4
-0.2
5.4
5.3
DB EPS growth (%)
13.1
32.7
11.4
-7.9
9.6
8.9
EBITDA Margin (%)
31.6
31.8
31.0
31.5
31.8
32.1
EBIT Margin (%)
27.5
28.3
27.6
27.1
27.4
27.7
Payout ratio (%)
62.4
53.5
53.2
51.4
51.4
51.4
ROE (%)
9.1
13.0
14.3
13.5
14.3
15.0
Capex/sales (%)
4.2
4.5
5.0
8.0
6.0
6.0
Capex/depreciation (x)
1.0
1.3
1.4
1.8
1.4
1.4
Net debt/equity (%)
49.9
53.2
61.4
67.5
67.4
66.5
Net interest cover (x)
6.5
11.6
10.3
8.0
9.2
10.3
Source: Company data, Deutsche Bank estimates
This document is being provided for the exclusive use of MOHAMMED SAQIB at WILFRID LAURIER
UNIVERSITY.
19 October 2023
Beverage
Pernod Ricard
Deutsche Bank AG
Page 5
Appendix 1
Important Disclosures
*Other information available upon request
Disclosure checklist
Company
Ticker
Recent price*
Disclosure
Pernod Ricard
PERP.PA
158.6 (EUR) 18 Oct 2023
2, 7, 8, 14, 15, 24
*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/
EquityResearchDisclosures
. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer
. Investors are strongly encouraged to review this information before investing. Important Disclosures Required by U.S. Regulators
Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.See Important Disclosures Required by Non-US Regulators and Explanatory Notes.
2.
Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issued by this company.
7.
Deutsche Bank and/or its affiliate(s) has received compensation from this company for the provision of investment banking or financial advisory services within the past year.
8.
Deutsche Bank and/or its affiliate(s) expects to receive, or intends to seek, compensation for investment banking services from this company in the next three months.
14.
Deutsche Bank and/or its affiliate(s) has received compensation from this company within the past year for non-
investment banking related services.
15.
This company has been a client of Deutsche Bank Securities Inc. within the past year during which time it received investment banking services.
Important Disclosures Required by Non-U.S. Regulators
Disclosures marked with an asterisk may also be required by at least one jurisdiction in addition to the United States.See Important Disclosures Required by Non-US Regulators and Explanatory Notes.
2.
Deutsche Bank and/or its affiliate(s) may act as a market maker or liquidity provider in the financial instruments issued by this company.
24.
Deutsche Bank and/or its affiliate(s) is or has been over the previous 12 months party to an agreement with the company relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU, or has over the previous 12 months been obliged or entitled (as applicable) to pay or receive compensation relating to the provision of services set out in Sections A and B of Annex I of Directive 2014/65/EU.
For disclosures pertaining to recommendations or estimates made on securities other than the primary subject of this research, please see the most recently published company report or visit our global disclosure look-up page on our website at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report, important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer. Investors are strongly encouraged to review this information before investing.
Analyst Certification
The views expressed in this report accurately reflect the personal views of the undersigned lead analyst(s) about the subject issuer and the securities of the issuer. In addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specific recommendation or view in this report. Mitch Collett.
This document is being provided for the exclusive use of MOHAMMED SAQIB at WILFRID LAURIER
UNIVERSITY.
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How were the above strategies related to their Customer Relationship Management (CRM) and future sale?
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Alt
Degree
Assignment
January-June
Bebeware Open
Universby
All Gr
Special/ Supplementary Structured Timed
BMK722-Principles of Marketing
7. A specialty store is
A. A store that carries a narrow products line with a deep assortment
B. Any store that carries standardized merchandise and sold at lower prices with
lower margins and higher volumes
C. A store that sells merchandise bought at less than regular wholesale prices and
sold at less than retail
D. A store that carries several product lines
8. Segmented pricing is
A. Promotional money paid by manufacturers to retailers, in return to agreement to
feature the manufacturer's products in some way
B. Prices that buyers carry in their minds and refers to when they look at given
product
C. Selling a product or service at two or more prices, where the difference in prices
is not based on differences in costs
D. None of the above
9. Which of the following is not one of the steps in the new product development process?
A. Idea generation
B.…
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Q.No.5: For a newly established innovative firm with limited resources. What kind of market scope strategy they should be adopting and why? Justify with your opinion.
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Here in case study 3 questions please help me
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Shortly describe competitive profile matrix of PIA and Airblue ?
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Discussed and analyzed the relationship between exports and GDP in Qatar using1. Statistical descriptive analysis
2- time series analysis
YEAR
GDP (current US$)
Exports of goods and services (current US$)
2000
17.76
11.95
2001
17.54
11.56
2002
19.36
11.68
2003
23.53
14.52
2004
31.73
20.36
2005
44.53
28.98
2006
60.88
38.24
2007
79.71
48.05
2008
115.27
70.73
2009
97.80
50.01
2010
125.12
77.98
2011
167.78
121.84
2012
186.83
142.88
2013
198.73
144.51
2014
206.22
140.23
2015
161.74
92.29
2016
151.73
72.40
2017
161.10
85.20
2018
183.33
102.56
2019
175.84
92.05
2020
146.37
70.93
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Can you assist me with Question 9.1. Please Include the the following;
a) Total regular production cost
b) Total subcontracting cost
c) Total cost with Plan 5
Thank you kindly
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Short-answer Q3. Discuss why the culture of a country influences the costs of doing business in that country.
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Q5
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Q The owner of a small manufacturing business has patented a new device for washing dishes. Before trying to commercialize the device and add it to the existing line of products, the entrepreneur wants reasonable assurance of success. Variable costs are estimated at Rs. 50 per unit produced and sold. Fixed costs are Rs. 4,00,000 per year.
A) If selling price is set at Rs. 250, how many units must be produced and sold to break-even?
B) Forecasted sales for the first year are 4500 units, if price is reduced to Rs. 150. With this pricing strategy, what would be the product’s profit?
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Answer pls
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Q4B. What potential limitations or weaknesses are associated with using the Box –Jenkins Methodology for time series modelling?Q4C. Explain how the residuals of an ARMA model can be used to diagnose potentialmodel mis-specification issues? If any, how can these misspecification issues, beaddressed?
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Create the following aspects of Cape Union Mart’s marketing strategy:Q.2.1 Vision statement. Q.2.2 Mission statement. Q.2.3 Financial objective.
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demand or its quality standards. The discovery of the faulty parts
caused delays and other impacts on Apple's other suppliers as well
POM Apple Deals with Supply Chain Strain and
Faulty Parts
as its customers. Apple reportedly threw out all of the defective
Watches to avoid having to recall them.
When Apple (www.apple.com) introduced the Apple Watch in April
2015, industry analysts had a hard time predicting how consum-
ers would react. Their estimates ranged from 5 million to 40 million
Watches sold in 2015. This huge range in a market forecast creates
havoc in planning for a supply chain. In fact, industry experts call it
supply chain strain.
So, how did Apple's supply chain gear up for such a high de-
gree of sales uncertainty? First, the firm allowed a certain number
of Apple Watch preorders. Based on those preorders, Apple could
estimate the potential market demand and alter production ac-
Apple then handed over production of the taptic engine to
another partner, Nidec Corporation…
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H3
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4.29. The demand for all-terrain bicycles had been steadily increasing since 1989. In the following
table are the sales per quarter of mountain bikes produced by Canyon and Cactus Cycles since
the second quarter of 1989.
(a) Plot the data and verify that the model for linear trend is acceptable. Draw a line through the
plotted data and obtain a visual estimate of a and b.
(b) Estimate the parameters of the model in preparation for double exponential smoothing.
(c) Forecast sales for the third quarter of 1996 using these initial estimates.
(d) Forecast sales for the fourth quarter of 1996 using alpha 0.3 and beta = 0.25 if sales in
the third quarter of 1996 were equal to 234.
(e) Use linear regression to estimate the parameters and forecast the third quarter of 1996.
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Q 21
What are the two (2) most important times when a marketer wants possible customers to think about their products?
Group of answer choices
When talking with their neighbor about the local baseball team.
When the customer encounters a problem which your product would solve.
When shopping in a store which carries your product.
When helping their children with their homework.
All the time — we need customers to continually have our products in their minds.
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2017
Q5. part 1 What is the role of Market Research in developing marketing plans?
Q5. part 2 List and explain three situations where you should NOT conduct market research.
Q5. part 3 Describe the process you would use to research the market for a Masters in Digital Marketing at Exeter Business School. Be as specific as you can and describe the sources of information you would use, explaining the reasons for your choice.
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q9-
Booktopia, a bookstore in Melbourne, has a new collection of 200 books to sell.
The management staff need to make a decision about which price range to sell for. The prices need to be balanced between making a maximum profit, which might discourage sales, and making a minimum profit which will increase the number of books sold.
The data is in the screenshot
Use the 2 variable data table method to calculate the total profit for different percentages of books sold with different highest prices. Choose the correct results to fill in the table below.
Note that you may need to adjust the Data Table in the screenshot on excel, including the percentages and prices.
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Please, answer asap.
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Delta Air ConditionersThe Industrial Central Air conditioning (AC) market in India presents a fragmented scenario with more than 9 players from all over the world. Delta Air Conditioners of UK entered the market 8 years back with innovative high performance product range and quickly grew to be the 6th largest player.
The central AC market has major application in Malls, theatres, hospitals and office complexes and the industry was growing at around 12% annually from 2010 to 2015.
Performance of Delta Air Conditioners in Q1 of fy2016Though Industry grew by 15% but the sales of Delta AC dipped by 2% in this period, despite introducing 2 new products. The alarming figures of the quarter led Mr Bakshi, National Head Sales and Marketing asking each zonal Sales Head to identify reasons for this decline. At the Q1 Review Meeting held in end July, most Zonal Heads attributed it to customer dissatisfaction due to poor after sales service covering poor dealer workshop infrastructure, non…
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Q.1: What microenvironmental factors have affected Target’s performance over
the past few years?
Q.2: What macroenvironmental factors have affected Target’s performance
during that period?
Q.3: By focusing on the “Pay Less” part of its slogan, has Target pursued the best strategy? Why or why not?
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Answer the given question with proper explanation and step by step solution.
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What was interesting about the AstraZeneca Shares Drop on Weak Quarterly Report Despite 2024 Growth Guidance?
What was educational about the AstraZeneca Shares Drop on Weak Quarterly Report Despite 2024 Growth Guidance?
What was insightful about the AstraZeneca Shares Drop on Weak Quarterly Report Despite 2024 Growth Guidance?
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Q5. Discuss the Internet marketing possibilities for the product/service in Amazon retail company?
Q6. Discuss the use of social media in the marketing of the product/service in Amazon retail company?
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Q1. What do you mean by Service marketing? As the marketing manager of
"Trip freak", a travel and tourism company analyse and write how will you
market your service?
OR
Q2. What do you mean by Service marketing? As the marketing manager of
"Flyway", an airlines company analyse and write how will you market your
service?
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Table 23.1: Vital Economic Statistics for An Earthly Economy
Nominal
RGDP
Total
GDP
Price
Population
Year
($ Billion)
Index
•
(in Million)
7
$5,000.00
119
129.00
6
$4,900.00
117
128.50
5
$4,950.00 114
128.16
4
$4,890.00
110
127.45
Refer to Table 23.1. Real GDP per person dropped by about
0.05%
0.07%
0.08%
0.06%
in Year 7.
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Enhancing Macy’s e-commerce Success with Trend ForecastingDespite the bleak retail environment that has led to the closure of many iconic American department stores this year, Macy’s has managed to stay afloat by adjusting their strategy to suit the needs of our rapidly changing world. This means focusing on e-commerce, at which Macy’s has proven to be very successful. In fact, the retailer reported a 53% increase in digital sales during the most recent quarter, attesting to Macy’s ability to stay relevant during a time when the existence of physical retail stores is being called into question.To build on their recent online success, Macy’s can infuse trend forecasting to their e-commerce strategy to ensure that the retailer is in tune with changing consumer tastes, and plan their collections accordingly. With insights into the kinds of images with which consumers interact on social media, Macy’s can get a clue into how trends will behave ahead of the market. With this data, it is…
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