An Advantage of Using the Executive-Opinion Method of Sales Forecasting

question 24

Multiple Choice

An advantage of using the executive-opinion method of sales forecasting is that:

• A)The salespeople are closest to the market situation.
• B)It can be done quickly and easily.
• C)It is highly accurate.
• D)It is subject to statistical measures of validity.
• E)None of these.

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Definitions:

Market Supply Curve

A graphical representation showing the relationship between the price of a good and the total output of the good all producers are willing to supply.

Remaining Firms

Businesses that continue to operate in a market after others have exited, often due to competitive advantages or niches.

Invisible Hand

A metaphor introduced by Adam Smith to describe how individual self-interest in a free-market economy leads to economic well-being and efficiency as if by an invisible hand guiding them.

Private Interests

Interests or goals that are pursued by individuals or entities for their personal or organizational benefit, rather than for the public good.