Question

Contrast between the weighted moving average or customer surveys as a forecasting tool and make a justified recommendation on the best choice for Well Designed. Make a choice and provide at least two application points to support your choice in forecasting method.

Answer 1

A weighted moving average and customer surveys are both forecasting tools, but they have some key differences. Based on the scenario described, the best choice for Well Designed would be customer surveys.

Step-by-step explanation:

A weighted moving average and customer surveys are both forecasting tools, but they have some key differences. A weighted moving average is a mathematical technique that assigns different weights to different time periods, giving more importance to recent data. On the other hand, customer surveys collect information directly from customers and can provide insights into their preferences and behaviors.

Based on the scenario described, the best choice for Well Designed would be customer surveys. This is because customer surveys can provide specific information about the preferences and behaviors of Well Designed's target market. Here are two application points to support this choice:

1. Well Designed can use customer surveys to gather feedback on their products, allowing them to identify areas for improvement and make informed decisions about product design and development.
2. Customer surveys can also help Well Designed understand customer satisfaction levels, which can be used to gauge how well their products are meeting customer needs and expectations.

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