Forecasting Types
Estimates the revenue or sales volume a company will generate in a specific period
What is a sales forecast?
Covers medical expenses, hospital visits, and surgeries
What is health insurance?
A sampling type in which every member of the population has an equal chance of being selected
What is simple random sampling?
Media which is transmitted through air or radio waves, often over long distances
What is broadcast? What is radio/television?
A sentence which grabs the consumer's attention and draws them in
What is a headline?
Predicts future economic conditions based on indicators like GDP, inflation, interest rates, etc.
What is economic forecasting?
Provides financial support to beneficiaries if the policyholder’s is to pass away
What is life insurance?
Sampling type that involves the selection of a random starting point from the population, then taking a sample from regular fixed intervals of the population depending on its size
What is systematic random sampling?
Media that is distributed in a physical format on paper
What is print advertising? What is newspaper, mail, brochures, pamphlets?
Graphic element(s) which demonstrate a product/service
What is an illustration?
Predicting future demand based on relationships between a dependent variable and one or more independent variables (ex. price, promotion, weather, seasonality, etc.)
What is causal forecasting?
A series of policies, covering structural damage, theft of personal belongings, liability coverage, etc.
What is property insurance?
Sampling type that involves dividing the population into subgroups (or strata) who all share a similar characteristic
What is stratified sampling?
Media that is distributed on digital devices/platforms
What is online media? What is website, pop-ups, banners?
The component of the advertisement which gives the identification of the business
What is a signature?
Predicting future value over a period of time; often based upon previous data to guide future strategic decisions
What is time-series forecasting?
Covers any unexpected illness or accident, which prevents you from working
What is disability insurance?
Sampling type that involves dividing the population into clusters, then taking a simple random sample from each cluster
What is cluster sampling?
Media distributed on online networks made to share media
What is social media? What is Instagram, TikTok, Youtube, Facebook, Twitter?
A quick message about the company or product which offers brand identification
What is a slogan?
Predicting future characteristics of new technology: machinery, procedures or techniques, and what impacts they may bring
What is technological forecasting?
Protects businesses against money, property, stocks, or securities being stolen by employees or third-parties
What is crime insurance?
Sampling type which takes place if the population is hard to access, used to recruit participants via other participants.
What is snowball sampling?
Items specifically used for distribution with the company’s branding message
What is specialty media? What is specialty items such as clothes, everyday items such as keychains or magnets, etc.
A blurb which explains the product/service, and sells the benefit to the consumer
What is copy?