Q: What is a useful source of data for projections and forecasts, such as sales forecasts or costs of goods sold?
or
Q: What is a decent place to find information for predictions and estimates, such sales projections or expenses of products sold?
- Your own competitive market research
- Your own historical data
- Public corporations’ operating data
- Data from market research firms
- All of these are true
Explanation: This can provide insights into competitors’ performance and market trends, helping to inform your projections. Historical data from your own business is invaluable for forecasting, as it reflects past performance and can indicate trends and patterns. Data from publicly traded companies can offer benchmarks and insights into industry performance, which can be useful for making forecasts. These firms provide valuable industry reports, consumer insights, and market trends that can enhance the accuracy of your forecasts.
