aims and objectives of factors affecting demand
Answers
Factors affecting demand are necessary to be studied to effectively predict and analyse the increase or decrease of various kinds of demands in any economy.
This is known as Demand Analysis and Demand Forecasting.
The aim is to understand how demand rises and falls and the objectives are to efficiently analyse the factors that affect demand and adapt to them.
Demand is responsible for playing a critical part in the administration of each business. It causes an association to decrease dangers engaged with business exercises and settle on vital business choices.
Following are the Aims:
Figuring out production strategy:
Aides in covering the hole between the demand and supply of the product.It additionally helps in most extreme use of assets as tasks are arranged on the basis of forecasts.
Detailing pricing policy:
Alludes to a standout among the most essential goals of demand forecasting. An association sets costs of its items as indicated by their demand or the costs are directly proportional to the demand of the product.
Controlling sales:
When deciding the targets of the sales, which go about as a reason for assessing sales performance.
Arrangement of funds:
This suggests that the budgetary necessities of the venture are evaluated with the assistance of demand forecasting.