What are the different types of demand forecasting?

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Do you want to know how much goods will be going to be sold? If yes, then you should know how to demand forecasting. It is one of the activities in which you can calculate sales and the demands of the customers.

If demand is more than stock, then you should need to increase the stock. If the demand is less than the stock, then you need to lower your goods.

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This process is known as planning, and demand forecasting is a part of the planning. There are lots of services that will help you in your planning as you can hire them online.

Here are different kinds of demand forecasting for you

Before discussing the forecasting, you should know that you cannot do this process on your own. There are lots of teams available for your help as you can hire them easily.

Here are some of the ways in which you can do forecasting-

  1. Growth plans- This type of forecast include the plans of the business. It is basically done for the growth of the business. All the data is to be noted down or assumed in mind. This kind of demand planning is only taking place in small businesses.
  2. For competitors- If you want to get over the competitors in the market, then you should go for this kind of forecasting. In this, you will get to consider the portfolio of your products. You will also get to know the activities of your competitors easily.
  3. Short terms services- In this, you will get to have the services for a shorter duration like 4 to 12 months. It is the same as others, but you will get to have a short span of time duration for the planning.
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