Opinion Poll Method | Types of Opinion Poll Method | Expert-Opinion Method | Delphi-Method | Market Experiment Method |
-: Opinion Poll Method :-
Opinion Poll Method is defined as - A method which is used to collect opinions of those who possess the knowledge about the market , such as sales representatives professional marketing experts , sales executives and marketing consultants , is known as opinion poll method .
Types of Opinion Poll Method :- Opinion Poll Methods includes manly three methods -
1- Expert-Opinion Method
2- Delphi-Method
3- Market Experiment Method
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1- Expert Opinion Method :- Expert opinion method is defined as - A method in which experts are requested to provide their opinion about the product is known as expert opinion method .
Generally expert opinion method is used in an organization because of generally in an organization sales representatives , dealers , industry analysts etc . act as experts who can assess the demand for the product in different areas , regions or cities . They provide an approximate estimate of the demand for the organization's products . Expert Opinion Method is quite simple and less expensive.
Limitations of Expert Opinion Method :-
(i)- Experts Opinion Methods provides estimates that are dependent on the market skills of experts and their experience . These skills differ from individual to individual . In this way , making exact demand forecasting becomes difficult .
(ii)- Expert Opinion Method involves subjective judgement of the assessor , which may lead to over or under - estimation .
(iii)- Expert opinion method depends on data provided by sales representative who may lead to over or under estimation .
(iv)- Expert Opinion Method ignores factors , such as change in GNP ( Gross National Product ) , availability of credit and future prospects of the industry , which may prove helpful in demand forecasting .
2- Delphi Method :- Delphi method of demand forecasting is an extension of the simple expert opinion poll method . In this method , questions are individually asked from a group of experts to obtained their opinions on demand for products in future .
In Delphi method , each expert is provided information regarding the estimates made by other experts in the group , in this way , the forecasts is cross checked among experts to reach more accurate decision making .
Advantages of Delphi Method :- Delphi Method is time and cost effective as a number of exerts are approached in a short time without spending on other resources .
Limitations of Delphi Method:- Delphi method may lead to subjective decision making .
3- Market Experiment Method :- An alternative method of collecting necessary information regarding the current and future demand for a product is known as market experiment method .
Market Experiment method carries out the studies and experiments on consumer behaviour under actual market conditions . In this method , some areas of markets are selected with similar features , such as population , income levels , cultural background and tastes of consumers .
Limitations of Market Experiment Method :-
1- Market experiment method is an expensive method . Therefore , it may not be affordable by small scale organizations .
2- Market experiment method affects the results of experiments due to various social - economic conditions , such as strikes , political instability or natural calamities etc .
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