Forecasting Techniques

An understanding of the forecasting techniques is essential for managers to probe the effect on demand. Fig. 4.4 depicts major forecasting techniques. All forecasts are built on one of the three bases: what people say, what people do, or what people have done.

·       What people say' involves surveying the opinion of the buyers or those dose to them, such as salespeople, or outside experts. It encompasses survey methods.

·        Building a forecast on 'what people do' involves putting a product into a market test to measure the buyer response.

·        The final basis, 'what people have done' involves analysing records of the past buying behaviour or using time series analysis or statistical analysis of demand. 

Major forecasting techniques are discussed here. 

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