Can you explain about demand forecasting, Managerial Economics

Assignment Help:

Q. Can you explain about Demand Forecasting?

Demand forecasting involves forecasting and estimating the quantity of a service or product that consumers will buy in future. It attempts to evaluate the significance and magnitude of forces which will affect future operating conditions in an enterprise. Demand forecasting includes use of various formal and informal forecast techniques like informed guesses, use of historical sales data or current field data gathered from representative markets. Demand forecasting can be used in making pricing decisions, in assessing future capacity requirements, or in making decisions on whether to enter a new market. So demand forecasting is estimation of future demand. According to Cardiff and Still, 'Demand forecasting is an estimate of sales for a specified future period based on a proposed marketing plan and a set of particular competitive and uncontrollable forces'. Demand forecasting is a projection of firm's expected future demands.


Related Discussions:- Can you explain about demand forecasting

Proportion of market supplied - determinants of demand, Q. Proportion of Ma...

Q. Proportion of Market Supplied - Determinants of Demand? Price elasticity of market demand moreover relies on the proportion of market supplied at the determined price. If le

Ols estimator, The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x ...

The variance of the OLS estimator is VAR( ^B)=σ 2 /ns 2 x , where   s 2 x =£x 2 /x You're hired to estimate   and you're going to be paid according to the accuracy of your esti

Normal and supernormal profits, NORMAL AND SUPERNORMAL PROFITS Normal ...

NORMAL AND SUPERNORMAL PROFITS Normal profit refers to the payment necessary to keep an entrepreneur in a particular line of production. In economics, it is generally belie

Real and nominal measures, Real and nominal measures Output, Expenditu...

Real and nominal measures Output, Expenditure and Income can be valued at current market price in which case we speak, for example, of money or Nominal NNP, or NNP valued

Statistical signigicance, A study of 86 savings and loan associations in si...

A study of 86 savings and loan associations in six northwestern states yielded the following cost function. I''ve been given the following data; C=2.38- .006153Q1 + .000005359Q2 +

Evaluate total cost - fixed and variable, Q. Evaluate Total Cost - Fixed an...

Q. Evaluate Total Cost - Fixed and Variable ? Total cost (TC) of the firm is a function of output (q). It would increase with the increase in output, which is, it differs dire

Problem, Calculate point elasticity of demand for demand function Q=10-2p f...

Calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs 3 to Rs 2 . Thanks a lot!

Research methods, measurement and scaling techniques in business research

measurement and scaling techniques in business research

Utility, Utility Utility is the amount of satisfaction derived from th...

Utility Utility is the amount of satisfaction derived from the consumption of a commodity or service at a particular time.  Utility is not inherent but a psychological satisfa

Illustrate about sales maximisation, Q. Illustrate about Sales maximisation...

Q. Illustrate about Sales maximisation? The concept that business firms (specifically those operating in the real world) are principally goaded by the aspiration to achieve the

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd