Answered: What type of analysis is used to…

What type of analysis is used to identify patterns in past data to forecast future outcomes? A. Sentiment analysis B. Competitive benchmarking C. Customer analysis D. Predictive analytics

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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Concept explainers

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.

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What type of analysis is used to identify patterns in past data to forecast future outcomes? A. Sentiment analysis B. Competitive benchmarking C. Customer analysis D. Predictive analytics

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