Qualitative forecasting techniques are often used when there is little to no historical data available, or when the situation involves a lot of uncertainty or rapid change. These methods rely on expert judgment, intuition, and qualitative data. Here's why market research data is appropriate for qualitative forecasting:
Expert Insights: Market research provides insights from industry experts, customer feedback, and market trends, which can be critical in understanding future demand.
Consumer Behavior: This data helps in predicting how consumer preferences and behaviors might change, which is especially useful for new products or entering new markets.
Competitive Analysis: Understanding competitor strategies and market conditions helps in making informed forecasts.
Qualitative Nature: Unlike order history or shipment history, which are quantitative, market research data involves qualitative analysis of market conditions and customer needs.
Therefore, market research data is a suitable basis for qualitative forecasting as it offers comprehensive insights into market dynamics and future trends.
[References:, Armstrong, J. S. (2001). Principles of Forecasting: A Handbook for Researchers and Practitioners. Springer., Malhotra, N. K. (2010). Marketing Research: An Applied Orientation. Pearson., , ]
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