Extra Credit 1 MKT 360

.docx

School

Missouri State University, Springfield *

*We aren’t endorsed by this school

Course

360

Subject

Marketing

Date

Feb 20, 2024

Type

docx

Pages

2

Uploaded by ChancellorRook3081

Kayla Pfitzner MKT 360-001 Extra Credit #1 This extra credit assignment will cover sales forecasts, GDPR, and the marketing research industry. Answer the following questions in paragraph form. When you have fully answered each question, save your answers as a PDF file and submit the file to the corresponding drop box on Blackboard. This extra credit assignment is worth 7.5 bonus points. The deadline is Monday, September 11 th at 11:59 pm CST. 1. For this question, you will need to create a sales forecast for a major automobile manufacturer. If your last name begins with the letters A through M, you will produce a sales forecast for Ford Motor Co. Use the annual sales/revenue data on https://www.wsj.com/market-data/quotes/F/financials/annual/income-statement for your forecast. If your last names begins with the letters N through Z, you will produce a sales forecast for General Motors Co. Use the annual sales/revenue data on https://www.wsj.com/market-data/quotes/GM/financials/annual/income-statement for General Motors. Predict annual sales for 2023 with one of the forecasting methods we covered in class. Once you have completed this exercise, extend the forecast to 2024. Explain which method you used to create the forecast. Do you believe your forecast is accurate? What factors in the automobile market could affect the accuracy of your estimates? Also, create a line chart of your forecast. I used the moving average forecast with an interval of 2 to show more smoother lines on the graph and a more accurate chart. But, I do not believe that this is the most accurate method. Because it is just taking averages of past years, the results can be faulty. This is because companies can have a surplus of sales one year and the complete opposite the next. With automobile market especially, this can be due to buying habits, the pandemic, popularity of the make, and economic factors. CHART ON NEXT PAGE
2. Countries in the European Union have more stringent data collection and consumer privacy laws than the United States. As of May 2018, any organization that sells products in the EU and/or collects data from EU consumers must abide by the General Data Protection Regulation (GDPR). This spring, a court in Ireland fined Meta Platforms, Inc. (Facebook’s parent company) €1.2 billion for violating one of the GDPR rules. Why was Meta fined? Do you think Meta Platforms and other large tech companies will continue to be fined in the future for violating GDPR? Meta was fined due to the continuous sending of European citizen’s personal data to the United States. I believe that will still be fined because the GDPR has been in place since 2018 and has fined other top social media companies throughout the past years. Collecting personal data is how social media platforms run as well. By this, I mean that by collecting what pictures you look at, what you search, and what you view the most will most likely come up on your feed. This is not only how social media giants operate, but it is also how companies advertise. 3. Use the internet to find a marketing research company in Springfield, Kansas City, or St. Louis, MO. Provide the name and website of the company you have selected. Briefly describe the company and explain the type of market research services it provides. HIVEMINDED Marketing Springfield, MO https://hivemindedmarketing.com/ The company is three women who specialize in many types of marketing, whether it be social media, digital advertising, graphics and design, or content marketing. The type of market research that this company provides is SEO, which is search engine optimization. They first start out by collecting data for 6 months and then will provide the feedback to the client. Certain feedback will include using different phrases in their websites or social media so that the company’s page will pop up first when a user searches a certain word
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help