Introduction
Big data has become one element that is applied everywhere, particularly in organizational management. Today, data is widely used in social media, websites, companies, organizations, and institutes. Many companies also generate, handle, and manipulate data to provide relevant information. For instance, a social media company like Facebook generates data daily. Although many organizations use big data for many reasons, the outdoor sporting goods company needs it, like most entities, to use it for organizational decision-making and to enhance the relevance of the growth of its brand.
Portfolio Recommendations
In contemporary society, brands have become very relevant and have increased their importance in various aspects. Organizations must incorporate theoretical frameworks such as portfolio management to enhance their brand image’s growth (Khalid, 2021). The outdoor sporting goods industry has become one of the most competitive areas with the best potential for growth because of the demand for the commodities that the firm manufactures or markets among the people. Sports are one of the leading sectors in development because of the need for physical fitness and competition among people (Shih, 2020). Big D Incorporated Company needs to offer viable recommendations for the outdoor sporting goods company to have the best marketing strategies to become an edge over its competitors in the industry.
As the business analyst advising the outdoor sporting goods company, it is relevant to perform statistical analysis to come up with accurate data-driven conclusions supporting marketing strategies such as target and differentiated marketing (Khalid, 2021). For example, using the mean and the standard deviation are the best approaches to applying statistical analysis in marketing strategies. In this case, the formula could be used for data analysis for the sports goods company. In this formula, σ2 = Σ(x − μ)2/n, x stands for the dataset value while n is the number of data points. The procedure will help calculate the standard deviation value in the statistical analysis.
One of the experts’ advice that can help the outdoor sporting goods company includes having a viable marketing strategy to improve its brand. For example, the sporting company needs to apply a positioning strategy in its marketing plans as part of the growth and development of brand enhancement in the sports industry (Shih, 2020). A differentiation strategy will be one of the best approaches to penetrating the market. In this case, such differentiation on what the sports goods company offers, such as nice quality, excellent ethical standards, and a brand supporting sustainability. In addition, the company should also have the right target market for outdoor sportswear.
In differentiation and target market strategies, the outdoor sports goods firm should consider restricting the market by using parameters such as interests, industry, background, gender, income, and the consumer’s age (Khalid, 2021). For instance, targeting the youth who value outdoor sports goods would be one of the best decisions. Consumer age is a relevant aspect of the overall performance of the sports firm. In this case, differentiating the market in such a way that there are unique products tailored for the youth and whose price is affordable would be a game changer (Adrian et al., 2018). Young people spend little and prefer quality sporting products, which are reasonably priced. The differentiation strategy of the sports goods firm should also involve income and gender to make the products stand out. For example, the differentiation should factor in various income levels of the potential consumers in the pricing of its products.
Conclusion
In conclusion, big data is a concept that has gained considerable prominence in contemporary society. In this case, many companies have applied big data across the world to forecast the viability of the business and chart a way for the recovery plan. However, a regression analysis that involves statistical methods has helped organizations chart a recovery plan by projecting the future. Big D Incorporated seeks to offer technical advice on portfolio recommendations for the outdoor sporting goods company. In this case, the outdoor sports goods company should use the best marketing strategies to enhance its brand image. Some of the best strategies include target and differentiation marketing.
References
Adrian, C., Abdullah, R., Atan, R., & Jusoh, Y. Y. (2018). Conceptual model development of Big Data Analytics implementation assessment effect on decision-making. International Journal of Interactive Multimedia and Artificial Intelligence, 5(1), 101. Web.
Khalid, S. (2021). Exploring the relationship between Risk Management and business strategies in the sports goods industry in the city of Sialkot in Pakistan. International Journal of Management and Applied Research, 8(4), 184–199. Web.
Shih, Y.-S. (2020). Business Model Innovation and evolution of sporting goods industry: A case of Anta Company. International Journal of Business and Administrative Studies, 6(6). Web.