The paper "Market Trend in Various Industries" is a great example of a Macro and Microeconomics Assignment. The Australian Bureau of Statistics analyses the retail trade in Australia to establish market trends in the various industries and sectors of the economy. The retail trade is an important indicator of the performance of the economy. As of March 2014, the retail trade statistics in Australia as determined by the Australian Bureau of Statistics are indicated as follows; Source: Australian Bureau of Statistics The graph of the monthly turnover at current prices and that of the monthly turnover in volume terms indicate that there is a relationship between the retail trade turnover and the volume traded.
The data indicate a directly proportional relationship between the volume traded and the retail turnover. This implies that the higher the volume traded in the retail markets, the higher the retail trade turnover, and vice versa. Therefore, marketers should aim at making more sales so as to achieve higher turnover at current prices. The market trend data for retail trade indicate a rise of 0.5% in March 2014.
In January and February, the trend estimate of the retail trade in Australia rose by 0.6%. In addition, some industries recorded a rise in trend estimate, while others recorded a decrease in retail trade trend estimate. The retailing industries that recorded a rise in trend terms in 2014 include food retailing (0.5%), cafes, restaurants and takeaway food services (1.0%) and Household goods retailing (1.1%). The industries that fell in trend terms include department stores (-0.6%), and clothing, footwear and personal accessory (-0.2%). Therefore, based on the current retail trade turnover trend in Australia, household goods retailing and cafes, restaurants, and takeaway food services are the more profitable possible investment ventures for investors. Probabilistic Modelling: This is a statistical analysis tool that aims at establishing a statistical model that can be used to estimate the probability of an event occurring in the future, based on historical data. The probabilistic Modelling is of great significance to marketers.
In market surveys, marketers collect data and subsequently analyze the data to determine the different factors that affect and influence consumer behavior. Therefore, from the market data analysis, it can be established which variables negatively or positively influence consumer purchasing behavior.
With the relationship of the different market variables determined, a statistical model representing such a relationship can be established. Therefore, to promote sales of different products, marketers need to first determine how advertising and other forms of sales promotion may affect the factors that influence consumer purchasing behavior. This will subsequently enable the marketers to develop a message strategy and appeal, and also select an advertising media that will most likely influence consumers to purchase their products and services. Probability tree: This is a statistical tool that enables us to see all possible outcomes of an event and their corresponding probability.
Therefore, using a probability tree, we can determine the expected value of each possible outcome and subsequently established which event outcome is most profitable or otherwise. A decision tree showing the possible gains of a company’ s decision to consolidate and promote sales of the existing product and that of developing a new product.
Australian Bureau of Statistics, 2014, Australian Year Books [Data file]. Retrieved from http://www.abs.gov.au/AUSSTATS/