Question

List at least three common types of qualitative forecasting tools? When is it best to use each of them?

Answer 1

Common types of qualitative forecasting tools are:-

1) Executive opinions.

2) Delphi Method.

3) Consumer Surveys.

4) Sales Force Polling.

To me, consumer surveys seems to be the best option. This is because in this method, market survey is conducted by the company and this helps to know the right situation and how the demand for the product will be like. This helps to clearly study the consumer behaviour before the actual launch of the product.

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