Forecasing Definition and Market Demand
Not what you're looking for?
- Describe forecasting and market demand?
- Explain the impact of forecasting market demand?
- Describe the key marketing concepts and principles that are used in forecasting marketing demand?
Purchase this Solution
Solution Summary
The solution describes key concepts and principles used in forecasting market demand.
Solution Preview
- Describe forecasting and market demand?
Forecasting is an essential tool in any decision making process. There are various techniques of forecasting:
Qualitative techniques involve primarily judgment, and quantitative, involving primarily historical data and mathematical models.
Qualitative techniques rely on judgment, intuition, and subjective evaluation. Among the major techniques within this category are market research (surveys), Delphi (panel consensus), historical analogy, and management estimation (guess).
Company Sales Forecast: is the expected level of company sales based on a chosen marketing plan and an assumed marketing environment. One can use the Time series and regression analysis to do sales forecast:
I Time series
Time series is one of the quantitative methods we use to determine patterns in data collected over time. Time series analysis is used to detect pattern of change in statistical information over regular intervals of time. We project these patterns to arrive at estimate for the future. Thus times series helps us cope with uncertainty about the future. There are four kinds of changes in time series analysis:
Secular trend: The value of variable tends to increase or decrease over a long period of time. The steady increase in cost of living recorded by the consumer price index is an example of secular trend.
Cyclical fluctuation: For example business cycle. Over time there are ...
Purchase this Solution
Free BrainMass Quizzes
Basics of corporate finance
These questions will test you on your knowledge of finance.
Understanding the Accounting Equation
These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.
MS Word 2010-Tricky Features
These questions are based on features of the previous word versions that were easy to figure out, but now seem more hidden to me.
Team Development Strategies
This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.
Employee Orientation
Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.