Demand Forecasting-

Intro -

Demand forecasting is method to predict the future demand of product, with the help of demand forecasting a firm or organisation can take decisions about product's supply in the market.

Factors affecting on Demand Forecasting -

Price of Goods - In the comparative market there are many seller and many buyer, If the price of product us higher than consumer can change his demand or he/she will prefer to alternative good.
Types of Goods - Types of goods are also affects on demand forecasting.
Competition - Consumer wants more value or products in less price so he/she chose less price products where he/she is getting same value or product with higher price, Because it's competitive market.
Technology - Technology is one of the major factor affecting on demand forecasting.
Economic Perspective - Every economy as well as consumer. has their own perspective.

Process of Demand Forecasting -

Setting the objective - Before forecasting demand you will need to set up objectives of your demand forecasting like increasing supply or sell, Local demand, International demand etc.
Determining the time perspective - Time perspective is major part in demand forecasting process, where forecaster need to make settlement according to timing of their products. (Planning of timing + Timing of goods - like summers + market demand)
Selecting a suitable demand forecasting method - You will need to chose suitable method for demand forecasting, like increasing a production of firm.
Collecting data - You will also need data to make your decisions, Collection you firms past data and more information will help you to make your result more efficient. Past data can be included like - Demand data, Supply data. Basically there are two types of method for collecting a data, You can chose anyone - 1. Primary (Collected by researcher, 2. Secondary - (Where data is collected by someone but you use for your research)
Estimating the result - After following all above steps you will have to make the estimation. All above steps and sources which collected will help you to land you on your result.