Question

A business collects data about its market size, consumers’ purchasing power, market competition, similar products, and so on. This business forecasts its sales using the ________method.

Answer 1

Answer:

The are using the consumer market survey method.

Explanation:

The consumer market survey method is one of the best forecasting methods that provides updated and accurate information for an accurate and relevant forecasting. This is because the method involves actually going to the field and interviewing consumers and analyzing the competition.

However, as accurate and beneficial, this forecasting method take a reasonable amount of time and resources of the company. Moreover, the Cost an organization has to incur to employ this method is high.