Question

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Review the following learning objective from the text: Describe four qualitative forecasting techniques. Then, explain why you agree or disagree with the following statement: Knowledge about consumer online purchase behavior is more likely to do is much more valuable than information regarding what customers plan or want to do.

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Answer 1

The four qualitative forecasting techniques are described as follows:

• Executive opinions - In the executive opinion method group of managers meets together to collectively develop a forecast. The managers are from different department i.e. marketing, sales, finance etccThis forecasting can be done easily and quickly without the need for elaborate statistics.

• Delphi technique- This is a kind of group technique in which a panel of expert questioned individually about their perception of future events which are going to happen in the future. This technique is quite helpful in long term forecasting. These techniques use a questionnaire to forecast future events.

• Salesforce polling- In this method of forecasting the company uses its sales force who are in continuous contact with the consumers to forecast the future trend. They believe that the sales force is in continuous touch with consumers can predict the state of the future market.

• Consumer surveys - Some companies do consumer survey in order to understand the purchase behaviour of the consumer and in turn make the strategies accordingly. In this approach, the company uses the interviews through the questionnaire to obtain the required data and access the demand.

I agree with the following statement: Knowledge about consumer online purchase behavior is more likely to do is much more valuable than information regarding what customers plan or want to do reason being if the companies came to know the online purchase behavior of the consumers then they can customize their offering according to the need and wants of the online consumers.