Collection Life Cycle Analysis: Enhancing Market Strategies through Advanced Data Analytics

Mariusz Mazurek, Konrad Gauda, Sylwia Skrzypek-Ahmed, Artem Artiukov and Piotr Stalinski

European Research Studies Journal, 2024, vol. XXVII, issue Special A, 14-24

Abstract: Purpose: This study introduces an analytical application designed to deeply analyze the product life cycle and optimize a business's marketing and operational strategies. The primary objective of this application is to help companies effectively identify and navigate the various phases of a product's life, from launch to growth, maturity, and decline. Design/Methodology/Approach: The application features interactive tools, such as sales value maps and animations illustrating changes in selected indicators, to enable real-time sales data analysis and forecast future trends using the Prophet model. The article elaborates on the application's capabilities, including statistical analysis of selected collections like average sales value, number of orders, storage costs, and the effects of seasonality and special promotional periods on sales outcomes. Findings: The study highlights how this application aids businesses in adapting their strategies to dynamically changing market conditions, enabling efficient resource management and maximizing profitability. Practical Implications: The article presents the application's functionalities and emphasizes its value in adjusting business strategies to rapidly changing market conditions. It underlines the significance of using advanced analytical tools for informed decision-making, which can contribute to the company's enduring success. Originality/Value: This work presents an innovative analytical tool that provides businesses with crucial insights for adapting their marketing and operational strategies. It adds value by demonstrating the importance of leveraging advanced analytics in decision-making to ensure long-term business success in fluctuating market environments.

Keywords: Product life cycle; sales analysis; marketing strategy; forecasting data. (search for similar items in EconPapers)
JEL-codes: C45 C61 C88 D83 L11 L86 M31 O32 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ers:journl:v:xxvii:y:2024:i:speciala:p:14-24

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