Demand Forecasting and Methods

Which of the following is NOT a category of demand forecasting methods discussed in the document?

Demand Force Casting is a technique used to estimate future demand for a product.

What is the name of the method used to forecast demand by analyzing historical data and identifying patterns?

The ______ method involves collecting data from customers, distributors, and other stakeholders to estimate future demand.

Match the demand forecasting method to its corresponding category:

Arc Method

Graphical method for estimating demand
Shows relationship between price and quantity demanded
Illustrates downward sloping demand curve (higher price, lower quantity)

Demand Forecasting

Refers to estimating future demand
Often used to project sales for a certain product
Costing is one type of demand forecasting

Demand and Forecasting Methods

Static Methods:
- Based on historical data
- Standardized
- Project Method (using past data)
- Parametric Method (mathematical models from historical data)
- Simulation Method (mathematical models to estimate results)
- Correlation-Regression Method (analyzing relationship between 2 or more variables)
Other Methods:
- Expert Opinion Method (input from knowledgeable experts)
- Test Marketing Method (limited product rollout to assess market reaction)
- Controlled Experiments
- Judgment Approach (assessing the opinion of experts)
Survey of Buyer Intention
- Understanding customer purchasing plans
Sales Force Survey:
- Gathering information from sales personnel
Sample Census Method: Gathering information to represent customer population for better sampling

This quiz explores various methods of demand forecasting, focusing on both static and dynamic approaches. It covers graphical methods for estimating demand as well as techniques used to project future sales. Dive in to test your knowledge on how demand interacts with price and quantity.