CONTEMPORARY MARKETING (Please answer full question. Thank you) A market forecas

Question

CONTEMPORARY MARKETING (Please answer full question. Thank you)

A market forecast is a core component of a market analysis. It projects the future numbers, characteristics, and trends in your target market.

Broadly, there are two categories used by marketers: Methods Based on Judgment and Methods Based on Statistical Sources.

Within Methods Based on Judgment, there are Intention Surveys, Role Playing, Expert Opinions, Conjoint Analysis, and Judgmental Bootstrapping methods. Within Methods Based on Statistical Sources, there are Extrapolation Methods, Rule-based Forecasting, Analogies, Expert Systems, Multivariate Time Series, and Econometric Methods.

Choose, describe, analyze, and critique one method each from Methods Based on Judgment and Methods Based on Statistical Sources.

Discuss which method(s) would you use for forecasting new product sales. Why? What makes this method more viable to forecasting?

Explanation / Answer

One of the Contemporary marketing based on judgement is customer survey.Through this method we can find the following things

Finally we can forecast the future sales from these data.

One of the contemporay marketing based on statistical method is extrapolating.The salient features are as follows

There are various methods for forecasting sales.Which method is to choose depends on situation, availability of data,expertise on methods etc.For new starups historical data is not available therefore forecasting of sales to be done solely in judgemental basis.

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