Accurate business research reports prove valuable to expansion and growth of a business venture. It is also the reason why industry research has become the need of the hour. Owing to forecasting, marketing research holds the key to long-term success. Forecasting is a popular process of business research that estimates projections about future market trends. These predictions are made based on various statistical methods and strategies. Any professional market research firm provides detailed projections about future trends, expansions, opportunities for growth and possible threats.
Types of Forecasting in Business Research
Qualitative, quantitative, time-series and explanatory are the four basic methods of marketing research forecasting. Each of these forecasting strategies has their own working models and applications. Professional companies like MarketsandMarkets use these methods depending on the type and nature of the research project.
Quantitative Forecasting: Quantitative method uses numerical data for sales and web traffic. It also uses addition of new members or accounts and cancellation of the accounts. After carefully observing and analyzing these figures for a certain period, you get estimations about the prevailing market trends.
Qualitative Forecasting: Qualitative method of business market research determines actual market trends towards a function of your business. Qualitative analysis consists of all the non-numerical data concerning your business or market. Qualitative forecasting is not as effective as quantitative forecasting.
Time-series Forecasting: This is a popular method of forecasting that provides details about historical market data for detailed market research reports. It detects the specific pattern of sales, success and growth. It helps you prepare a suitable business plan to avoid the past mistakes.
Explanatory Forecasting: As the name suggests, explanatory method uses available market data to explain the prevailing market trends in order to prepare projected market trends. Researchers observe past performance, customer feedback, indexes, web traffic and such other data to gather all the relevant information about the prevailing market trends.
Forecasting is not always risk free. However, it reduces the uncertainty involved in businesses. No matter in which market you want to excel, uncertainty is a part of it. With help of forecasting, you can prepare yourself to be prepared for possible challenges and opportunities of the future. Accuracy is a crucial factor that makes all the difference in marketing research reports. in order to maintain accuracy and accountability, always hire a professional market research team. They have all the experience, authority and access to the essential market data, which helps making accurate forecasting.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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