Sample Marketing Essays On Method for Forecasting Demand

Homework Question on Method for Forecasting Demand

  1. Find an article online on forecasting demand for services. Why did you choose this article? What is the best information they provide?
  2. Franchises have become a big part of distributing services. Find a service franchise opportunity and post the requirements to become a franchisee. Critique the franchise.

Homework Answer on Method for Forecasting Demand

Demand forecasting entails estimation of the product or service quantity that a consumer purchases (Kim, 2013). It is useful during the assessment of future capacity needs, pricing decisions or entrance of new markets. I choose this article because demand forecasting has the bullwhip effect within a supply chain (Kim, 2013). As a countermeasure for uncertainty in demand as well as a mechanism to share risk for forecasting demand in logistics and supply chain, this article examines a bilateral contract with flexibility in order quantity.

The contract ensures that the buyers make advance placement of orders for the determined spheres and minimizes their struggle to purchase. In return, the supplier offers the buyer the flexibility to regulate the order quantities later, in accordance with the most updated information about demand.To perform comparative simulations, four-echelon models of supply chain, employing the contracts and several forecasting methods under vibrant market demands are employed.

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The results show that fluctuations in demand can be successfully captivated by the contract scheme that enables improved management of stocks and services to the customers. Moreover, it has been confirmed that this contract scheme plays a key role as an effectual management technique in supply chain.