Various methods are relevant for making forecasts about the future. However, two superordinate groups are particularly important: the quantitative and the qualitative approach. Quantitative Method In this type of forecast, historical data from a company is used as groundwork. Using a mathematical formula, for example, the demand for a service or product in the market can be determined. Past sales figures and demand trends are particularly relevant. How much data a company includes in the forecast is at their discretion. However, the more data used, the more precise the forecast will be. The quantitative method is therefore less suitable for young companies with little data. Qualitative Method In contrast to the quantitative method, the qualitative method primarily involves subjective assessments of experts, rather than large datasets. The future demand in the market is estimated precisely based on specialised knowledge and experience. To do this, companies can hire experts both internally and externally. In the qualitative method, there is also a special form of forecast. Demand forecasting includes predicting how a sales promotion will affect demand and consumer behaviour.