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Demand Planning
The process of forecasting customer demand to ensure that products can be delivered promptly and cost-effectively.
Implications
A collaborative process that involves forecasting future demand and developing strategies to meet that demand, often involving cross-functional teams from sales, marketing, finance, and operations.
Example
Example: A pharmaceutical company engages in demand planning by coordinating with its sales and production teams to ensure that sufficient inventory of a new drug is available to meet anticipated market demand.
Related Terms
Different from demand forecasting, which is the prediction of future demand, demand planning involves creating actionable plans to meet that demand effectively.
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