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Forecasting is the:________. a) prediction of a product's likely success using customer data. b) factor used to distinguish between two different core product attributes. c) factor that distinguishes external test markets from internal test markets. d) application of conjoint analysis to customer data.

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Answer:

A. Prediction of a product's likely success using customer data

Explanation:

Forecasting

This is the use of previous data as inputs to make informed estimates that are predictive in determining the direction of future trends. It is used in marketing and businesses to predict whether or not a product or service would be successful based on previously established historical data. This helps in determining for a business how to best allocate their budget and plan for future expenses.

It is a core component of market analysis. Forecasting helps to predict future outcomes based on past outcomes and management insights. Lot of companies use it to predict success or failure of a proposed product so they can make an informed decision of whether or not they go into production of that product.

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