Definition of demand forecasting by different authors
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FORECASTING
The activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making pricing decisions, in assessing future capacity requirements, or in making decisions on whether to enter a new market.
— according to Cundiff and Still, "Demand Forecasting is an estimate of Demand during a specified period. Which estimate is tied to a proposed marketing plan and which assumes a particular set of uncontrollable and competitive forces."
— In the words of Prof. Philip Kotler. The company (sales) forecast is the expected level of company sales based on a chosen marketing plan and assumed marketing environment"
— According to Evan J. Douglas, "Demand forecasting may be defined as the process of finding values for demand in future time periods."
Demand Forecasting
The cost should be controlled by producing correct level of goods in the firm and also according to the demand for those goods in the market. For the estimation of demand, demand forecasting is to be done by the firm.
Forecasting = estimation of future situations.Forecasting reduces or minimizes the uncertainty.By forecasting effective decisions can be taken for tomorrow.Demand forecasting is based on the determinants of the demand.Demand for goods increases and gives sales.Sales are the primary source of the income for a firm.
The activity of estimating the quantity of a product or service that consumers will purchase. Demand forecasting involves techniques including both informal methods, such as educated guesses, and quantitative methods, such as the use of historical sales data or current data from test markets. Demand forecasting may be used in making pricing decisions, in assessing future capacity requirements, or in making decisions on whether to enter a new market.
— according to Cundiff and Still, "Demand Forecasting is an estimate of Demand during a specified period. Which estimate is tied to a proposed marketing plan and which assumes a particular set of uncontrollable and competitive forces."
— In the words of Prof. Philip Kotler. The company (sales) forecast is the expected level of company sales based on a chosen marketing plan and assumed marketing environment"
— According to Evan J. Douglas, "Demand forecasting may be defined as the process of finding values for demand in future time periods."
Demand Forecasting
The cost should be controlled by producing correct level of goods in the firm and also according to the demand for those goods in the market. For the estimation of demand, demand forecasting is to be done by the firm.
Forecasting = estimation of future situations.Forecasting reduces or minimizes the uncertainty.By forecasting effective decisions can be taken for tomorrow.Demand forecasting is based on the determinants of the demand.Demand for goods increases and gives sales.Sales are the primary source of the income for a firm.
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Demand Forecasting simply refers to the process of predicting the future demand of the product of a company. So it refers to the future demand of customers and accordingly products are produced by a company.
Some of the definitions of some authors are :
According to Evan J. Douglas, “Demand estimation (forecasting) may be defined as a process of finding values for demand in future time periods.”
Cundiff and Still, “Demand forecasting is an estimate of sales during a specified future period based on proposed marketing plan and a set of particular uncontrollable and competitive forces.”
Prof. Philip Kotler. The company (sales) forecast is the expected level of company sales based on a chosen marketing plan and assumed marketing environment"
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