Answer to Question #271651 in Management for praynay

Question

 Cricket and Soccer Graphics make gift items like Jerseys, Shorts, Cups, Caps etc with 

cricketers’ and footballers’ name, image and print jerseys and shorts with different club

names which fans and enthusiasts buy for them and as gift items. This is a dynamic

kind of business and they want to forecast demand as items get out of stock and some

remain in stock after season is over. Owner believes that this type of business cannot

be forecasted at all, while staff believes it can be forecasted. Advise them on how they

can approach demand forecasting and how you would put owner and staff perspective

in place?

Answer 1

Demand forecasting is the way to go since it allows the owner and the staff members to increase insight into their consumer needs through many forecasting methods. These approaches comprise prognostic analysis, conjoint analysis, customer intent surveys, and the Delphi Method of predicting.