When a Travel Agency Wanted to Predict Sales for a New

question 109

Multiple Choice

When a travel agency wanted to predict sales for a new travel adventure they wanted to begin marketing, they looked at sales figures and customer feedback of similar types of vacation packages they had offered in the past. This is an example of _____.

• A) primary data gathering
• B) secondary data gathering
• C) scientific research
• D) intermediate data gathering

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Definitions:

Situational Analysis

The process of evaluating an organization's current situation or environment to identify strengths, weaknesses, opportunities, and threats.

Forecasting

The process of making predictions about future events based on analysis of historical and current data.

Nonprogrammed Decision Making

A decision-making process that deals with unique, non-routine, and complex problems requiring creative solutions.

Escalation of Commitment

The phenomenon where individuals or organizations continue to invest in a decision despite evidence of its ineffectiveness, often to justify previous investments.