I need some hint over what is the general prediction solution to modelling products prices in such a case:
- I have several models (types) of the product
- I want to predict prices for each of these models separatedly, for a few weeks long time window
- I have great historical data for each of the model from last 1-2y (which makes time series analysis my first obvious choice, doesn't it?)
- I know there is a number of external factors which may have a VERY important and immediate effect on the product price (possibly more or less different for each model);
My questions are:
- Is time series prediction a good way to follow? Maybe some kind of regression would be more approproate in this case?
- Which approach to choose to include these external factors effects in the best way?