Forecasting in Business

Identifying potential risks and opportunities

Evaluating the effectiveness of marketing campaigns (correct)

Determining the optimal pricing strategy

Predicting future demand for the product

Competitor pricing strategies (correct)

Historical sales data

Customer preferences

Market trends

Enhanced marketing and advertising effectiveness

Improved supply chain efficiency

Increased customer satisfaction

Better resource allocation and cost management (correct)

<p>Forecasting is a one-time activity during the product planning phase</p> Signup and view all the answers

<p>Anticipating and adapting to market changes</p> Signup and view all the answers