Day: March 1, 2022

The last category of products mentioned as the industrial goods classification involves the materials ( raw materials such as wood, cooper, aluminum) and parts (tiers, computer chips) , capital items such as installations and equipment (cranes, bulldozers), accessory equipment (hand Read More …

The non-durable category consists of tangible goods that are low priced and purchased frequently such as shampoos, deodorants, etc. Compared with these ones, the durable goods are also tangible goods but are targeted for many uses. For this category, more Read More …

Product refers to anything that can be offered to a marketer for attention, acquisition, use or consumption that might satisfy a want or need. A product is a set of tangible and intangible attributes, which may include packaging, color, price, Read More …

A product is like a human being. It is born, grows up fast, matures and then finally passes away. The product life cycle discusses the stages which a product has to go through since the day of its birth to Read More …

It states that, people will buy more at lower prices and buy less at higher prices other things remaining the same. When a price of a commodity increases, quantity demanded increases keeping other things constant. There is an inverse relationship Read More …

There are mainly 8 types of demands which have to be taken into consideration during demand forecasting. The various types of demands, and how to tackle the challenges for marketers in these various demands, is discussed below. Negative Demand – Read More …

Change in Fashion: Is an inevitable consequence of advancement of civilization. Results of demand forecasting have short lasting impacts especially in a dynamic business environment. Consumers’ Psychology: Results of forecasting depend largely on consumers‘ psychology, understanding which itself is difficult. Read More …

The Demand forecasting process of an organization can be effective only when it is conducted systematically and scientifically. 1. Setting the Objective: Refers to first and foremost step of the demand forecasting process. An organization needs to clearly state the Read More …

Forecasts can be of three types, which are explained as follows 1. Short Period Forecasts: Refer to the forecasts that are generally for one year and based upon the judgment of the experienced staff. Short period forecasts are important for Read More …

1. Unpredictable- Human judgment and memory are unreliable. 2. Accuracy- It is difficult to achieve it. 3. Seasonality- In terms of consumption or availability of a commodity. 4. Promotions/Events 5. Response to trends-A trend is a long term movement either Read More …