Question

Outline the various steps which would be necessary if you were asked to forecast demand for a typical mass consumption item

Answer 1

Answer:

Huge quantity....

Product quality....

Transport facility...

Answer 2

The steps that would be required for forecasting demand  for a mass consumption item would be

Identifying the demand of good

Collection and analysis of data

Method of forecasting

Identifying the different variables

Finding effective methods for mitigating risks

Explanation:

• Demand forecasting is needed for determining the demand for goods and services for the future.
• It helps the organisation in mitigating risks by making a forecast of the demand  for the mass consumption item in situations that are not in control and in a market where there is a lot of competition.
• Forecasting demand for goods helps the company to make strategic decisions for preparing a proper budget and fulfilling the objectives of the company

To know more about demand forecasting

What is demand forecasting? Explain the various methods of demand forecasting?

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