Sample interview questions: Can you share an example of a market research project where you used predictive analytics?
Sample answer:
In a recent market research project, we employed predictive analytics to forecast future market demand for a new product launch. The objective was to optimize production and inventory levels, ensuring availability while minimizing waste.
We gathered historical sales data, market trends, competitive intelligence, and macroeconomic factors. Using machine learning algorithms, we built a predictive model that identified key demand drivers and estimated product demand based on various scenarios.
The analytics provided actionable insights:
- Forecasted peak demand: We identified the optimal production capacity to meet anticipated demand, minimizing the risk of stockouts.
- Optimized inventory management: The model helped determine appropriate safety stock levels to balance product availability with inventory holding costs.<... Read full answer
Source: https://hireabo.com/job/1_0_13/Market%20Research%20Analyst