Creating a developed market forecast requires thought on what type of information is needed to make the best decisions for your business.
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Order Paper NowCreating a developed market forecast requires thought on what type of information is needed to make the best decisions for your business. I think using time series forecasting is the most optimal method because of the ability to use historical data, trend analysis and moving average or moving means to estimate future outcomes. According to Nordmeyer (2018), “A time series is a group of data that’s recorded over a specified period” (Time Series Forecasting Methods). Creating a database of what your potential customers think of your product or services should include an engaging questionnaire that highlights what market penetrations would your product or service make if sold to the consumer. A successful presence in the market would be a popular product or service with a strong catchy ad campaign that people can recall when mentioning your business. Terrestrial forecasts should be based on future predictions in the market using current data while virtual plans are based on how they think the market will be in the future. Using terrestrial plans allows for more accurate analysis of data from actual business trends and history while virtual plans are based in what the person thinks will be the future outcome results for products and/or services.
