Answer to Question 1
In the sales force composite technique, forecasts are based on the personal observations and hunches of the local salesforce. In the jury of expert opinion method, forecasts are based on the opinion of different experts about future demand. The experts' opinions are then combined and an aggregate demand estimation is offered. The Delphi method entails asking experts to estimate market performance, aggregating the results, and sharing this information with the experts. Time series models use data of past performance to predict future market demand. Econometric models take into account different deterministic factors that affect market demand. The analogy method is an estimation method that relies on developments and findings in markets with similar levels of economic development, markets where the product is in the same development state, markets with similar cultural characteristics, or it may be based on sales of a related product in the key market of study. Finally, point-of-sale based projections use scanner data to assess market share and other relevant market dimensions.
Answer to Question 2
A
Conventional color wheel
Simple Decorating Techniques: Side masking
Answer to Vector Question Pt. 1
Describe the Conceptual Forecasting Framework in your own words.
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