Maintaining the right inventory level to suit the demands of the consumers is one of the many problems that most trading and retail organizations will have to consider. Without proper study nor preparation, the inability of people to be able to meet the demands of its penetrated market shall surely be a sure chink in the armor of many organizations.
This is where proper market forecasting techniques step in. Relying alone on intuition and sound judgment are not enough to convince management that decision making in the executive level is enough. Studying up to date figures and market concerns, comparing statistics relevant to the industry and the consumer buying power are key concerns. It is true that going into business is a game, but it is also about the battle of wits and effective preparation for the business battleground that lies ahead.
Here is a good article on effective business forecasting.
Originally posted on April 23, 2006 @ 10:26 am