In this assignment you will use principles of forecasting in conjunction with social media to help a company make strategic decisions. Consider this fictitious scenario then follow the instructions below.
The Dog House is a small business that specializes in dog boarding services. The company has been doing well over the last 4 or 5 years but company growth has begun to plateau. The owners are interested in ensuring financial growth and are eager to take steps necessary to make that happen. They realize that their two main options for growth are to diversify or to expand. However, if it is deemed wise, they will do neither and hold to their current practices. They feel that the ideal scenario would be to both diversify and expand.
However, they have only have the resources to be able to pursue one of these options right now. How could The Dog House use social media to do get their marketing research questions answered? Should they use social media for market research (especially forecasting) in this case? What would you recommend? Your marketing research company has been hired to provide clear market forecasting to help this company make a strategic decision. What should the company do? Consider more about each option: Diversification To other services beyond just boarding Dog baths and dog pedicure Training Food retail Expand to New Location New building New equipment Consideration of where based on market need Do nothing different Current business model has been successful but will it last without any change?
Create your market forecast and social media advice for The Dog House within the following parameters:
Base your forecast on real industry analysis data and justify your work by referring to and citing sources
Formulate advice for The Dog House about the use of social media for forecasting and justify your suggestions