Sachin has joined ITC Hotels recently as the brand manager. The company is interested to determine the guest satisfaction with the luxury facilities, layout, location, room quality, and range of services of the newly opened ITC Royal Bengal in Kolkata. What type of market research (exploratory, descriptive or explanatory) project will Sachin commission, and why? What method shall he recommend for the study?

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Forecasting

Forecasting is a methodology that uses historical data as inputs to make well-informed predictions about the course of future trends. Forecasting is the method of making forecasts based on historical and current data, most commonly by trend analysis. In the business world, forecasting is a basic statistical task. Forecasting is used by businesses to decide how to allocate their budgets or prepare for expected expenditures in the future. Forecasts help managers formulate and execute production plans by providing forecasts. The primary goal of forecasting is to make accurate predictions.