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Principles Of Marketing
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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**Understanding Naive Forecasting in Sales** A naive forecast for September sales of a product would be equal to the sales in August. * True * False ### Explanation: Naive forecasting is a straightforward method used in time series analysis. In this approach, the forecast for the next period is assumed to be equal to the value of the previous period. For instance, if a business sold 500 units of a product in August, a naive forecast would predict sales of 500 units for September as well. This method is often used as a benchmark to compare the effectiveness of more sophisticated forecasting models.
Transcribed Image Text:**Understanding Naive Forecasting in Sales** A naive forecast for September sales of a product would be equal to the sales in August. * True * False ### Explanation: Naive forecasting is a straightforward method used in time series analysis. In this approach, the forecast for the next period is assumed to be equal to the value of the previous period. For instance, if a business sold 500 units of a product in August, a naive forecast would predict sales of 500 units for September as well. This method is often used as a benchmark to compare the effectiveness of more sophisticated forecasting models.
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