Forecasting is an integral part of the entire marketing process, businesses use market research to obtain data about the demand potential for a certain good or service, once the potential demand is identified, marketers generate sales forecasts and targets that are to be…
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This opinion is even backed by information that is qualitative in nature and is available through trade journals. Managers may even develop an opinion on the basis of communication with the experts of the industry and their forecast of future demand for a product or service. Forecasting in the field of marketing is conducted through various sources. One of the best sources that can help in creating a perfect forecast is the consumers themselves. Information from this stakeholder group can be obtained through questionnaires and surveys. For example: consumers can be inquired about their perception of detective online games and whether they would like to play more of such games in the future. If the consumers provide positive feedback, the forecast for future online detective computer games will be positive and the company can make huge profits by acting upon this
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(“FORECASTING Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
FORECASTING Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/marketing/1616922-forecasting
(FORECASTING Essay Example | Topics and Well Written Essays - 250 Words)
FORECASTING Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/marketing/1616922-forecasting.
“FORECASTING Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/marketing/1616922-forecasting.
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According to the report technology advantage along with proper strategic approaches for sustainability translates into huge commercial benefits and, more often than not, the unassailable position of being the market leader. Being able to forecast impending technology changes in the horizon and even beyond, has therefore always been a priority in business management.
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Demand forecasting for any product is paramount to any manufacturer, supplier or retailer. Future demand or forecasts will determine the exact quantities of products that should be shipped, produced or purchased. Demand forecasting is essential since the fundamental operations of production, from the manufacturer's or producers raw material stage
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