Marketing Research: A Qualitative Forecasting Technique

What is a popular qualitative forecasting technique that makes use of written surveys or telephone interviews?

1. Econometric models

2. Market research

3. Time series analysis

4. Causal models

Answer:

The correct answer is Market research.

Market research is a popular qualitative forecasting technique that utilizes written surveys or telephone interviews to gather insights and forecasts demand. This method involves reaching out to consumers through surveys, questionnaires, and interviews to understand their preferences, opinions, and behaviors.

By conducting market research, businesses can gain valuable information about potential market trends, customer needs, and competitor analysis. This allows companies to make informed decisions when developing new products, improving existing ones, or planning marketing strategies.

Overall, market research plays a crucial role in helping businesses better understand their target audience and make strategic decisions to drive growth and success. It is an essential tool for businesses looking to stay competitive in today's dynamic marketplace.