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Qualitativeforecasting methods are most suitable in situations where:
Qualitative
forecasting methods are most suitable in situations where:
Themarket is well-established and stable
The
market is well-established and stable
Thereis little or no historical data available for the product
There
is little or no historical data available for the product
Thereis a large amount of reliable historical data available
is a large amount of reliable historical data available
Themarket is dominated by a single supplier or company (monopolistic)
market is dominated by a single supplier or company (monopolistic)
Expertshave limited knowledge of market factors that may influence future demand
Experts
have limited knowledge of market factors that may influence future demand
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