G&P's marketing research department needed to get figures on market size and growth rates in a company they were targeting for growth. They opted to use government officials and outside consultants for the information. This is a method known as
A) probabilistic forecasting.
B) expert opinion.
C) simulation.
D) extrapolation.
E) scenario building.

Question

Quizplus · Accepted Answer

Using government officials and outside consultants to gather information on market size and growth rates is a method known as expert opinion. This approach relies on the insights and knowledge of individuals who are considered authorities or specialists in a particular field.

G&P's Marketing Research Department Needed to Get Figures on Market