This document summarizes several survey methods used for demand forecasting, including collective opinion method, Delphi method, consumers' interview method, and test marketing. It describes how each method works, provides examples, and discusses the advantages and disadvantages of each. Specifically, it explains that the collective opinion method involves consolidating estimates from salespeople, the Delphi method uses an iterative process with a panel of experts, and consumers' interview method can involve complete enumeration or sampling of consumers.
Consumer behaviour: Word of Mouth Communication Riya Aseef
Consumer behaviour: Word of Mouth Communication
Research have shown word of mouth communication to be a powerful influence on consumers brand attitudes, judgments and purchase intentions.
WOMC is more influential than advertising due to its credibility and more interactive nature.
Consumers may actively seek out product advice from an expert(solicited WOMC).
CONCEPTUAL FRAMEWORK AND HYPOTHESES
DISCUSSION AND IMPLICATIONS
Consumer behaviour: Word of Mouth Communication Riya Aseef
Consumer behaviour: Word of Mouth Communication
Research have shown word of mouth communication to be a powerful influence on consumers brand attitudes, judgments and purchase intentions.
WOMC is more influential than advertising due to its credibility and more interactive nature.
Consumers may actively seek out product advice from an expert(solicited WOMC).
CONCEPTUAL FRAMEWORK AND HYPOTHESES
DISCUSSION AND IMPLICATIONS
Consumer Research
Introduction to Quantitative and Qualitative Research
Overview of the Consumer Decision Process
Quantitative Research
Qualitative Research
Developing Research Objectives
Types of Secondary Data
Using Market Build to Inform Global Product Innovation DecisionsSKIM
In today’s medical device and diagnostics industry, one of the challenges in new product development is to estimate the size of the addressable markets or market segments. Although secondary data are readily available at the national level, particularly in the US, it is still very difficult to make an informed decision on investing in an innovative concept when the solution is intended to serve user segments that are better characterized by behaviors than high level demographics.
To add to the uncertainty and complexity, practices across hospitals or even across departments within a hospital can vary significantly. Often times, the decision to pursue innovation is based on subjective interpretations of inadequate data, potentially resulting in biased outcomes.
Find out more at www.skimgroup.com/pmrg-2015.
Consumer Research
Introduction to Quantitative and Qualitative Research
Overview of the Consumer Decision Process
Quantitative Research
Qualitative Research
Developing Research Objectives
Types of Secondary Data
Using Market Build to Inform Global Product Innovation DecisionsSKIM
In today’s medical device and diagnostics industry, one of the challenges in new product development is to estimate the size of the addressable markets or market segments. Although secondary data are readily available at the national level, particularly in the US, it is still very difficult to make an informed decision on investing in an innovative concept when the solution is intended to serve user segments that are better characterized by behaviors than high level demographics.
To add to the uncertainty and complexity, practices across hospitals or even across departments within a hospital can vary significantly. Often times, the decision to pursue innovation is based on subjective interpretations of inadequate data, potentially resulting in biased outcomes.
Find out more at www.skimgroup.com/pmrg-2015.
Meaning of demand forecasting , determinants and categorization of forecasting, choosing the technique of forecasting,objectives and methods of forecasting,tools used for forecasting and limitations to forecasting are discussed.
Principles of Marketing. It tackles market research, its importance and purpose. And also the process or steps in conducting marketing research. The kinds of data sampling and size etc.
Demand forecasting is predicting future demand for the product. In other words, it refers to the prediction of a future demand for a product or a service on the basis of the past events and prevailing trends in the present.
Process of Forecasting, Techniques of forecasting,
- Prof. (Dr.) Sachin Paurush
Calculating the impact of your Advertising Campaign is a crucial step in evaluating your effectiveness and laying your future advertising strategy. Learn the tools of evaluating advertising.
Demand Forecasting is the process in which historical sales data is used to develop an estimate of an expected forecast of customer demand. To businesses, Demand Forecasting provides an estimate of the amount of goods and services that its customers will purchase in the foreseeable future.
There are many types for forecast the future demand of the company. Delphi Method, Opinion Poll method, survey method etc...
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Developing Research Objectives
Secondary Data
Designing Primary research
Qualitative Collection Method
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How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
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BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
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09 vivekanand vaish (survey methods of demand forecasting)
1. SURVEY METHODS OF
DEMAND FORECASTING
VIVEKANAND VAISH
M.E.E. (SEMESTER-I)
EXAMINATION ROLL NO.- 19421EEC020
DEPARTMENT OF ECONOMICS (FSS)
BANARAS HINDU UNIVERSITY
3. Survey Method
• The following are the important survey
methods used for forecasting demand:
Collective opinion method
Delphi method
Consumers interview method
Test marketing
4. Collective Opinion Method
• This method is also known as “Sales Force
Opinion” or “Sales Force Polling” or “Reaction
Survey” method.
• Under this method the responsibility for
estimating the expected sales is placed on
salesmen.
• Salesmen being closest to the consumers have the
knowledge of the requirements of the consumers,
their reactions to the product.
• These estimates of individual salesmen are
consolidated to find out the total estimated sales.
5. Advantages of Collective Opinion
Method
The method is simple and easy to be used.
It involves minimum of statistical work and
hence, does not require any technical expertise.
It does not cost much.
It is realistic because it is based on personal
and first hand knowledge of salesmen.
It is useful in forecasting the sales of
new products.
6. Disadvantages of Collective Opinion
Method
Being Subjective, the forecast is likely to
be influenced by the personal bias of the
salesmen.
Salesmen may understate the forecast if their
sales quotas are to be based on it.
Its usefulness is limited to the short
period only.
The salesmen may not be aware of wider
economic changes which affect demand.
7. Delphi Method
• This technique was developed by Olaf Helmer,
Dalkey and Gordon in the late 1940s.
• Under this method a panel of internal and
external experts are selected and they kept
physically away from each other.
• There is a coordinator who acts as an
intermediary among the panellists.
Coordinato
r
Internal
Experts
External
Experts
8. • Coordinator prepares a questionnaire and
sends it to the panellists. They express their
views anonymously.
• Each expert will be given an opportunity to
react the reasons advanced by others.
• The process will be repeated until some sort
of unanimity is among all experts or issue
causing the disagreement are clearly defined.
• It is more popular in forecasting non-economic
rather than economic variables.
9. Advantages of Delphi Method
1. It does not take much time.
2. The cost is low.
3. The method is useful for new products
10. Disadvantages of Delphi Method
• The opinions are subjective
• Good and Bad estimates are given equal
weightage
11. Consumers’ interview method
• It is the most direct method of estimating the
demand for the short period.
• It is also known as “Survey of Buyers” or
“opinion Survey” method.
• In this method the consumers are contacted
personally to know about their plans and
preferences regarding the purchase of he
product.
12. • Consumer survey method has three different
types:
Consumer
survey
method
Complete
enumeration
method
Sample
survey
method
Consumers’
end-use
method
13. Complete enumeration method
• Under this method all the consumers of the
product are interviewed and on the basis of the
information collected, the demand forecast is
made.
14. Sample survey method
• When the number of consumers is large, this
method is used.
• In this method few selected consumers are
interviewed.
• The selection of the consumer is done through
random, stratified sampling technique.
• This method is based on the assumption that
the selected sample represent the population.
15. End – use method
• The consumers end use method is used to
obtain use wise or sector – wise demand
forecasts.
• In this method it is possible to forecast demand
separately for different sectors.
16. Advantages of Consumer survey
method
This method is free from any personal bias of
the forecaster.
The forecast is based on the first hand
information from the consumers.
The sample survey is less costly and less time
consuming than complete enumeration, but
equally reliable if the sample is representative
in character.
17. Disadvantages of Consumer survey
method
The Complete enumeration method is very costly
It is time consuming
the manpower required for the survey is also large
The method cannot be used if the number of
consumers is very large and scattered
The method is not reliable because,
In the case of household consumers, there is no
regularity of intentions
Faced with multiple choices or alternatives, they cannot
predict their own choices.
18. Test marketing
• Test marketing is used to forecast the demand or
sales for the new product
• In this method a test is selected. It may be a
region, city or state which is the representative of
the total market
• After the selection of test area product will be
launched in the area
• If the product is successful in the test area, the
forecast will be that similar levels of success will
be achieved in the total market.
19. Advantages of Test marketing
• It is a real life experiment
• It is possible to know the reactions of
consumers
20. Disadvantages of test marketing
• It is costly
• It is time consuming
• There is the danger of making of false forecasts
from the initial response of the consumers
• It is difficult to select the test area which is
representative of the whole market
• It is possible for rivals to immediately imitate the
product and take advantage of test marketing
without incurring the cost of this exercise.
21. Criteria for a good forecasting
method
Accuracy
Plausibility
Economy
Availability
Durability
Flexibility