Selection of Forecasting Technique

Forecasting is the establishment of future expectations by the analysis of past data, or the formation of opinions. Qualitative,  simulation, causal and time series are the important types of forecasting techniques that can be used by the business organization in the future for the company’s strategy.

 

But, company should use a qualitative method of forecasting with the help of consumer market survey. It is because; through the consumer market survey method, the company can implement its strategy in the future effectively. Along with this, this method of forecasting can help not only in preparing a forecast but also in improving product design and planning for a new product. Hence, this technique will be effective and beneficial for the company in the future for making the company’s strategy.

 

So, the company should use and implement consumer market survey method in the future for the company’s strategy. There are other techniques available that are not listed above like, climatology, analog method native approach, reference class, artificial intelligence methods, probabilistic, ensemble, focus, web-based forecasting and Mattel forecasting. In this Forecasting Technique assignment help experts explained the technique that how it is used in the manufacturing, retail, and healthcare industries.

 

Consumer Market Survey & its Usages in Different Industries Consumer market survey method of forecasting is also known as survey of buyer’s intention or opinion surveys technique. As per this, method of forecasting, the customers are asked about their purchasing plans in the current and future and their projected buying behavior. The main purpose of this method is to make business or organizational strategy by understanding the preferences, attitudes, and behaviors of consumers in a market-based economy. It is one of the significant, important, effective and beneficial techniques of forecasting for the business organization to make the business strategy. In addition, the consumer market survey method is most direct method of estimating the demand in the short period of time.

 

To perform the consumer market research is an important function of manufacturing industry. In the manufacturing industry, the market researcher conducts survey to consumers in order to learn about their satisfaction with the prices and quality of various products. For example, an industry analyst who studies the manufacturing of household appliances may categorize market research by age, location, or income bracket. Manufacturing companies use market research to determine factors such how to price products and what kinds of numbers to produce. Additionally, certain products are also determined by consumer market research. Hence, the professionals of manufacturing industry are also depending on market research to learn about the level of demand for certain products. In the retail industry, most of the retailers use consumer market survey as a tool to increase the demand of the particular product and services. So, the retailer predicts the future demand through the consumer market survey. \In addition, consumer surveys are used by the retailer as short-term economic indicators. For example, in the UK, the retailer uses consumer market survey to monitor consumer spending and general economic conditions.

 

Along with this, as per “The New Zealand Retailers Association” consumer market surveys are used by the retailer as important information to monitor trends and to compare their own performance against their industry or region. In today’s fast growing economic environment, consumer market surveys are also used by Healthcare industry to know the level of consumer satisfaction, to increase value and to know the perceptions of the consumer regarding the healthcare organization. For example, recently, a consumer market research is conducted by William Gallagher Associates within its client on various ways to reduce health insurance costs, with a focus on wellness. The 28-question survey was sent to over 1100 primary insurance buyers, including Human Resources professionals and C-level executives. The questions were in four areas: current benefits practices, personal opinions on wellness, healthcare programs and opinions on public policy.

 

Get Forecasting Technique In Businesses Assignment Help from assignmenthelpexperts.com Assignmenthelpexperts.com has best and experienced assignment writers who can do any business assignments. Our assignment writing experts are from US, UK and Australia and have the Master’s degree and Ph.D. degree from the top universities. Our assignment writing experts provide assistance to clients by business assignment help, marketing assignment help, human resource assignment help and management assignment help.  We are available all days for assignment help. You can contact us through phone, email or chat for free assignment help quote.