We continue our discussion on marketing principle #3: all competitors react with a discussion on market forecasting. The readings this week on market forecasting come from Lilien et al. (2017) and Harz et al. (2022). Lilien et al. (2017) present an overview of different forecasting techniques that are both qualitative and quantitative in nature. Harz et al. (2002) introduces how virtual reality can be used in product and market forecasting. Questions: 1. Compare and contrast the different types of forecasting methods introduced by Lilien et al. (2017). These include those that use qualitative and secondary inputs (e.g., Judgmental Methods; Market and Product Analysis Methods) and those that require firm data inputs (e.g., Time Series Methods; Regression/Econometric Methods). Which ones are more or less useful in different settings? 2. The Harz et al. (2022) introduces the idea of virtual reality for new product development and forecasting. Briefly outline how this might be helpful and under what conditions