LG India is the largest consumer durable home appliances manufacturer and is ready with a new washing machine which is expected to change the washing concept for the consumers. What qualitative research methods would you, as head of washing machine sales division, consider while forecasting for the new machine?

LG India is the largest consumer durable home appliances manufacturer and is ready with a new washing machine which is expected to change the washing concept for the consumers. What qualitative research methods would you, as head of washing machine sales division, consider while forecasting for the new machine?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter18: Management Of Technology And Innovation

Section18.6: Skills Needed For Mti

Problem 3CC: What forecasting techniques are used in the management of technology and innovation?

See similar textbooks

Similar questions

. All forecasts are built on one of three information bases: what people say, what people do, or what people have done. How do market researchers collect information on each of three information bases?
Why is forecasting important to marketsegmentation?
Use the guiding questions below to develop recommendations based on the June budget to help the manager of the marketing department • How does the master budget help the manager understand the company’s external environment and the impact the environment have on the marketing department? • How does the budget help the manager with forecasting?
Assume that this restaurant was one of a chain of 20 restaurants across Greater Sydney with a head office in the CBD. Compare and contrast the Jury of Executive Opinion and the Sales Force Composite Method when it comes to generating business forecasts. You must contextualise your discussion to this case study
Is there a difference between forecasting demand and forecasting sales? Can demand be forecast from historical sales data?
List some of the operations and functions in a companythat are dependent on a forecast for product demand.
If descriptive analytics focuses on summarizing historical data to gain insights into past events and trends and predictive analytics focused on forecasting future outcomes. What is the significance of the relationship between the past and the future?
What are the basic types of forecasts? What are their strengths and weaknesses?
Predictive Data Analytics - Forecasting tools are used to predict how a sample population is going to behave based on past precedent. A classic example is forecasting stock prices or predicting consumer behavior Descriptive Data Analytics - Simply put, it is a numeric that represents a variable. Your book states that the world Population is 7-Billion in 2015.....this is descriptive. Or gas prices today are $3.50 per gallon Prescriptive Data Analytics - Like your book states, it is a methodology that seeks to make decisions (prescription) based on Descriptive data. The most classic example is the U.S. Census. Census Workers go from door-to-door asking people in households questions such as "how many people live in your home?" "What are their ages?" "What are their gender". The answers to these questions provide the U.S. Government with the information they need in order to provide services that will support the Constituency in a particular geographic region or area. Of the 3 types of…
What changes would you make if you were in control of the iTunes store's database administration? Which methods of forecasting would you suggest employing predictive analytics for in order to ascertain which musical acts and films will have the biggest number of ticket sales in the next year?
What are the four types of qualitative forecasting techniques?
Give a proper explanation of what is meant by the adaptive forecasting ?