demand-forecasting

Vocabulary Word

Definition

'Demand forecasting' is the process of estimating the quantity of a product or service that consumers will want to buy. It's like a restaurant predicting how many customers it will have on a Friday night and preparing enough food accordingly.

Examples in Different Contexts

In business planning, 'demand-forecasting' is the process of estimating future customer demand for a product or service. A business analyst might say, 'Accurate demand-forecasting helps us allocate resources efficiently and plan for growth.'

Practice Scenarios

Tech

Scenario:

Our app downloads have surged after the latest update. We should ensure adequate server capacity to handle the increase.

Response:

Absolutely, let's use demand forecasting tools to determine the necessary capacity upgrades.

Marketing

Scenario:

Our upcoming product line seems to be generating a lot of positive buzz. We should leverage this interest for our annual sales event.

Response:

Good point, let's include demand forecasting in our strategizing for the sales event marketing.