Determinants of Demand Forecasting: A Complete Overview
Determinants of demand forecasting refer to the critical elements that influence how demand predictions are made. These include consumer demographics, purchasing power, product price, competitors' actions, and marketing efforts. Technological trends, market seasonality, and social behaviors also act as significant determinants. A successful forecast model takes all these into account while being flexible enough to adjust for sudden changes. Furthermore, internal business policies, such as pricing strategy or product launches, can affect future demand. Recognizing these determinants helps organizations choose the right forecasting method and tools. By integrating both qualitative and quantitative data and keeping an eye on these variables, companies can build more accurate and useful forecasts.
Link: https://thousense.ai/blog/what....-are-the-main-factor
