Marketing Management 3(2+1)

Lesson 24 : Demand Measurement And Forecasting

Introduction

All business firms would like to know the current as well as the likely demand for their products to plan any of its activities in quantitative e (numeric) characteristics, to be used as a basis for decision making by marketing management. Demand measurement and sales forecasting provides this vital knowledge. Forecasting demand/sales is normally a difficult and complex exercise. It is obvious that two separate, though related, tasks are involved here:

1. Measuring market demand
2. Forecasting company sales