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DEFINITIONS

Demand forecasting

Definition

Demand forecasting is the process of estimating the quantity of a product or service that consumers will purchase. It helps the company make decisions on whether to enter a new market and also to match supply with demand in order to assess optimal production and inventory capacities. The forecast uses quantitative methods, such as historical sales data or current data from test markets as well as informal methods, such as educated guesses.
RELATED TERMS
Demand
Demand curve
Supply



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