1. When conducting research on behalf of your organisation or for a client organisation, how will you determine the most appropriate data sources to use?
In this case the most suitable data source will be a desk research because this information will have already been gathered, analysed and reported on by other companies. It means that you will not waste time and money doing what others before you have done.
2. Why are cross checks and cross references necessary?
To ensure the information is correct.
Assessment activity 2
1. What tools would you use to collect and collate data and why would you use them?
2. Why should your desk research include the collection and analysis of data relative to …show more content…
Validation through telephone interviews is critical. We aim to receive confirmation from National Trade Associations, Statistic Offices, and major players of each quoted market.
The basic model which the GMN forecast was built on is called the ISDE model, which is a framework based on four main concepts, namely:
These four concepts can each affect the fluctuation of markets. First, all the main parameters are identified that affect the market/industry which is to be forecasted. Once identified the parameter is matched to and classified with the ISDE model.
These are factors which affect markets or industries. Mainly they regard to conditions and factors in the transition phase between the supply and demand.
The total amount of goods and services that are available to purchase.
Desire, ability or need by individuals or companies to purchase goods or services.
The environment includes all factors external to the market or industry, which in one way or another, influence them.
Each element of the ISDE model is affected by different parameters. Based on their understanding of the sector in question, the analyst selects the parameter regarded as the most relevant. For reasons of conformity, reliability and currency, the range of parameters at the analyst’s disposal is confined to eight parameters. These are