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What is Demand Forcasting?

Demand analysis forecasting is the process estimation of quantity of a product or service that will be demanded by the customer in the future. Demand forecasting is carried out using both, informal methods, like educated guesses or quantitative methods that involve the use of historical data or existing data from the test markets. Demand forecasting helps in the formulation of pricing strategies, estimation of future product capacity and making crucial decisions relating to the entry or exit from new world trades.

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