A firm is launching a brand-new product with no previous sales records. Which forecasting approach is most suitable?

When a firm launches a brand-new product with no previous sales records, there is no historical data available to use for quantitative forecasting methods.

• a. Qualitative forecasting relies on expert opinions, market research, and subjective judgment. This approach is ideal for new products or situations where historical data is absent.
• b. Time-series forecasting, c. Regression analysis, and d. Moving averages are all quantitative methods that require historical data to identify patterns, trends, or relationships. Since the product is brand-new with no sales records, these methods cannot be applied.

Therefore, qualitative forecasting is the most suitable approach.

The correct option is:
a. Qualitative forecasting