| Q. | …………Method is also known as Sales‐ Force –Composite method or collective opinion method |
|---|---|
| B. | Expert opinion |
| C. | Delphi method |
| D. | Consumer interview method |
| Answer» a. Opinion survey |
Correspondingly, What is sales force opinion method? A method commonly used by companies for short-term forecasts is to take advantage of their field staff’s intimate knowledge of customers’ needs and market conditions by asking them to forecast the company’s sales for their respective areas for the coming season or year.
Under Which method a panel is selected?
| Q. | Under ….. Method, a panel is selected to give suggestions to solve the problems in hand |
|---|---|
| B. | Expert opinion |
| C. | Delphi method |
| D. | Consumer interview |
| Answer» c. Delphi method |
Furthermore, Is known as the first law in market?
Law of demand is know as the First Law of Purchase. The law of demand states that other things remaining constant, there is an inverse relationship between quantity demnded and own price of the commodity.
What is meant by managerial economics?
In simple terms, managerial economics means the application of economic theory to the problem of management. Managerial economics may be viewed as economics applied to problem solving at the level of the firm. It enables the business executive to assume and analyse things.
What is pool of sales force opinion? In the poll of sales force opinion method, often tagged “the grass-roots approach,” individual sales personnel forecast sales for their territories; then individual forecasts are combined and modified, as management thinks necessary, to form the company sales forecast.
Which of the following would be an advantage of using a sales force composite to develop a demand forecast? Which of the following would be an advantage of using a sales force composite to develop a demand forecast? C. The sales staff is often aware of customers’ future plans. Members of the sales force should be the organization’s tightest link with its customers.
What is Delphi method of demand forecasting? The Delphi method is a process used to arrive at a group opinion or decision by surveying a panel of experts. Experts respond to several rounds of questionnaires, and the responses are aggregated and shared with the group after each round.
Under Which method a panel is selected to give suggestion to solve the problem in hand?
The following key characteristics of the Delphi method help the participants to focus on the issues at hand and separate Delphi from other methodologies: in this technique a panel of experts is drawn from both inside and outside the organisation.
Which of the following is not true for forecasting? (D) Short range forecasts are less accurate than long range forecast is not true for forecasting. Explanation: Forecasting is a strategy that uses previous data as inputs to create informed predictions about the direction of future trends.
What is inflation Mcq?
an increase in the overall price level.
Which is the first law of consumption? Assumptions of the Law of Diminishing Marginal Utility
The law of diminishing marginal utility assumes that consumer’s consumption pattern, tastes, preferences, income, and price of the commodity and its substitutes are constant during the process of consumption.
What is relationship between price and demand?
Inverse Relationship of Price and Demand
The price of a good or service in a marketplace determines the quantity that consumers demand. Assuming that non-price factors are removed from the equation, a higher price results in a lower quantity demanded and a lower price results in higher quantity demanded.
Who said supply creates demand?
Say’s Law was later simply (and misleadingly) summarized by economist John Maynard Keynes in his 1936 book, General Theory of Employment, Interest and Money, in the famous phrase, « supply creates its own demand, » though Say himself never used that phrase.
What is macroeconomics and microeconomics? Microeconomics is the study of how individuals and companies make decisions to allocate scarce resources. Macroeconomics is the study of an economy as a whole.
What is managerial economics PPT? 1. Managerial Economics According to Spencer: “Managerial economics is the integration of economic theory with business practice for purpose of facilitating decision making and forward planning by management”. It means management of limited funds available in most economical way.
Who is the father of managerial economics?
1 Introduction. Adam Smith’s importance to the economics discipline is unquestionable. Indeed, he is commonly known as the “father of economics”.
What is past sales analysis? By conducting past sales analysis, you can predict the likelihood of a prospect converting into a customer and make personalized offers to leads that are ready to buy. You can also increase the lifetime value of existing customers by identifying upselling and cross-selling opportunities in customer behavior.
What is quantitative forecast?
Quantitative forecasting is a data-based mathematical process that sales teams use to understand performance and predict future revenue based on historical data and patterns. Forecasting results give businesses the ability to make informed decisions on strategies and processes to ensure continuous success.
What is expert opinion method? The expert-opinion technique simply assumes that some people have more knowledge than others about a certain topic; and if you collect this knowledge from a group of experts, the results will definitely exceed the outcomes collected from one expert [2].
