1. Give an example of when it might be best to use each of the following...

1. Give an example of when it might be best to use each of the following qualitative forecast techniques:

a) Delphi method

b) Jury of executive opinion

c) Sales force composite

d) Consumer market survey

Expert Solution

1. Give an example of when it might be best to use each of the following qualitative forecast techniques:

a) Delphi method: This method has several rounds of questionnaires to experts in which they can correct responses till a consensus is made.

This method can be used to analyze reasons why Apple Inc. is not able to get more market share in India.

b) Jury of executive opinion: It is a composite forecast by individual experts. This method can be used by a well established company in automobile sector like Hyundai Motors in India.

c) Sales force composite: In this method, addition of individual sales agents forecasts for sales in their respective sales territories is taken.

example: Company selling products in any/all regions can use this to forecast. Eg. Coca cola company

d) Consumer market survey: This is an attempt to check consumer intelligence., their interests and potential clients.

This method can be used by a company in electronics producing goods to predict future changes in consumer demands and changing sales.

Rahul Sunny answered 1 year ago

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