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List three things relative to the important and effectiveness of forecasting the market demand.
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https://brainmass.com/business/business-management/importance-forecasting-market-demand-81140
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Market demand is very important to forecast – if you are not on the top of the situation, disastrous outcomes could occurs:
1) Underproduction of the product
Imagine you are in the business of manufacturing jeans. Your jean has become quite popular due to recent mention by Oprah on her “greatest things” episode. Although you know that your jean is popular, no one in the organization conducted formal research into forecasting, therefore, managers decided to increase production of the jeans by only 5%.
The jeans hit the store, and they sell out very quickly – but since …
