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Demand Forecasting
Predicting future customer demand based on historical data, market trends, and marketing activities, to inform resource allocation.
Implications
The practice of predicting future customer demand for a product or service based on historical data, market trends, and statistical models, crucial for inventory management, production planning, and budgeting.
Example
Example: A fashion retailer uses demand forecasting to predict the demand for winter coats based on past sales data, weather forecasts, and fashion trends, ensuring adequate stock levels.
Related Terms
Different from demand planning, which involves creating strategies to meet forecasted demand, forecasting specifically focuses on predicting the demand itself.
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