Which of the following statements best describes the Delphi Method in market research?
1
The Delphi method uses a structured group of experts to achieve consensus through multiple rounds of questionnaires, with feedback provided after each round.
2
The Delphi method relies on the input of a single expert in the field to forecast future trends and predict market outcomes.
3
The Delphi method is primarily used in consumer behavior analysis and does not involve expert opinions or iterative feedback.
4
The Delphi method focuses only on quantitative data and statistical analysis to draw conclusions about market trends.
5
The Delphi method encourages group discussions and face-to-face meetings to derive insights from participants.