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Entrepreneur Marketing: Demand Forecasting - Essay Example

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Entrepreneur Marketing: Demand Forecasting

In fact, the paper will discuss techniques applied in marketing demand forecasting. Information concerning the future demand is vital to the firms, for pursuing optimal pricing strategy; hence, the decision to change prices is made considering the future demand. In case where is over-optimism in relation to the estimates of demand, this may result to losses, whereby the demand influence a certain price that sets out at a low level. However, accuracy of information provided creates the likelihood of making decisions that have a positive impact on the firm’s operations and profitability. Decisions made by the managers in a firm are influenced by the level of demand for products, whereby a firm takes non-price factor as a competitive strategy. For instance, the level of advertising in a firm is determined by the perception, which is needed for stimulation of the demand for products (Juster, 2008). Therefore, the level of advertising expenditure depicts the additional cost of the firm that is considered unnecessary spending, hence requiring them to be avoided. There are other cases where the firm expects demand to be low and they seek to compensate expenditure of money that is considered wasted. ...
In fact, the respondents are asked questions related to the things they like or dislike trial intent as a binary measure, purchase intent as the binary scale, and purchase quality of the product category. The other stage relates to the measure of the after weeks; whereby users are contacted in order to obtain after sue measures that entail measures of repurchase intent. Bases II is used sensibly with discounting factors that are referred to as the top box rule, whereby there are similar categories of products, and there is application of multiple discounting factors. There are elements of pessimism and optimism in sales forecast, and the most difficult part concerning the estimation is the proportion of the awareness that depends on the marketing plan. There are difficulties involved in estimating the relationship between the marketing activities and the level of awareness such as expenditure on advertisements. On the other hand, data is collects in relation to the advertisement expenditure for brands associated with categories of similar products, and this data is made available to the management. Measure of awareness of the brands occurs during the intercept stage; though there is difficulty involved in terms of getting the current rate data. Model-Based Diffusion Model (Bass Model): These models embody a life cycle curve of innovation for new products and services among sets of probable adapters for duration of small number parameters. There are assumptions related to applicable categories of new products, instead of brands, whereby the adapters buy one unit of new product. The other assumption is that the purchases are not repeated, they are applicable to the durable goods and the ...Show more

Summary

Entrepreneur Marketing Demand Forecasting Name: Tutor: Course: Institution: Date: Entrepreneur Marketing Demand Forecasting Introduction Forecasting refers to an attempts aimed at predicting overall level of future demand and not specific links, hence there are set of techniques applied in order to forecast demand (Meade & Islam, 2001)…
Author : albertreilly
Entrepreneur Marketing: Demand Forecasting essay example
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