Assignment on measuring and forecasting demand.

7/29/2019 Assignment on measuring and forecasting demand.

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19/01/2013 Measuring And ForecastingDemand


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Prepared for:

Amir Nawaz Ali

Lecturer

of

City University

Prepared by

Faysal Islam

09322015

Batch: 13th

Dept.: B.S.T.E.


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Acknowledgement

I produce a product which production quality and production quality both are a lot of but what

will I do with my entire product if the market does not want that. If the products demand is too

low what will I do with my entire product? So before produce any product one has to know the

demand of market.

Our lecturer Amir Nawaz (sir) give us chance to study on demand of market. So we are thankfu

to him. We are thanking him these people also who help us to finish this. And of course we are

grateful to the almighty Allah. Alhamdulillah. Without whos wish finishing these task would not

be possible.


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Content

Sl No Topic Page

01 Introduction 04

02 Measuring current market demand 04

03 Estimating total market demand 04

04 Estimating area market demand 06

05 Estimating actual sales and market shares 07

06 Forecasting future demand 08

07 Surveys of buyers intention 08

08 Composite of sales force opinions 09

09 Expert opinion 09

10 Test market 10

11 Post-sales analysis 1012 Leading indicators 10

13 Last word 11


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Whenacompanyfindsanattractivemarket,itmustestimatethatmarketscur-rentsizeandfuturepotentialcarefully.Thisappendixpresentstheprinciplesandtoolsformeasuringandforecastingmarketdemand.

Todevelopeffectivetargetingstrategies,andtomanagetheirmarketingeffortseffectively,companiesmustbegoodatbothmeasuringcurrentmarketdemandandforecastingfuturedemand.Overlyoptimisticestimatesofcurrentorfuturedemandcanresultincostlyovercapacityorexcessinventories.Under-estimatingdemandcanmeanmissedsalesandprofitopportunities.

MEASURINGCURRENTMARKETDEMAND

Marketerswillwanttoestimatethreeaspectsofcurrentmarketdemandtotalmarketdemand,areamarketdemand,andactualsalesandmarketshares.ESTIMATINGTOTALMARKETDEMANDThetotalmarketdemandforaproductorserviceisthetotalvolumethatwouldbeboughtbyadefinedconsumergroupinadefinedgeographicareainadefinedtimeperiodinadefinedmarketingenvironmentunderadefinedlevelandmixofindustrymarketingeffort.

Totalmarketdemand isnotafixednumber,butafunctionofthestatedcon-ditions.Forexample,nextyearstotalmarketdemandforicecreaminCanadawilldependonhowmuchthemakersofSealtest,Haagen-Dazs,Parlour,Presi-dentsChoice,andotherbrandsspendonmarketing. Itwillalsodependonmanyenvironmentalfactors,rangingfromthelevelofconsumerhealthconcernstotheweatherinkeymarketareas.Thedemandforthepremiumice-creambrandswillbeaffectedbyeconomicconditions.MarketdemandMarketdemandinthe

specifiedperiod

Marketpotential

MarketforecastMarket

minimum

Planned

expenditure

Marketdemandinthespecifiedperiod

Marketpotential

(prosperity)

Marketpotential

(recession)

Prosperity

Recession

IndustrymarketingexpendituresA.Marketdemandasafunctionofindustry

marketingexpenditures

IndustrymarketingexpendituresB.Marketdemandasafunctionofindustry

marketingexpenditures(underprosperityvs.recession)


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TotalmarketdemandThetotalvolumeofaproductorservicethatwouldbeboughtbyadefinedconsumergroupinadefinedgeographicareainadefinedtimeperiodinadefinedmarketingenvironmentunderadefinedlevelandmixofindustry

MEASURINGANDFORECASTINGDEMAND 759

PartAofFigureA2-1showstherelationshipbetweentotalmarketdemandandvariousmarketconditions.Thehorizontalaxisshowsdifferentpossiblelevelsof industrymarketingexpenditures inagiven timeperiod.Theverticalaxisshowsthe resultingdemand level.Thecurveshows theestimated levelofmarketdemandatvaryinglevelsofindustrymarketingeffort.Someminimumlevelofsaleswouldoccurwithoutanymarketingexpenditures.Greatermarketingexpenditureswouldyieldhigherlevelsofdemand,firstatanincreasingrate,andthenatadecreasingrate.Marketingeffortsaboveacertain levelwouldnotcausemuchmoredemand.Thisupperlimitofmarketdemandiscalledmarketpotential.Theindustrymar-ketforecastshowstheexpectedlevelofmarketdemandcorrespondingtotheplannedlevelofindustrymarketingeffortinthegivenenvironment.1

Companiessellinginmature,non-expandablemarketsoftentakeprimarydemandtotaldemandforallbrandsofagivenproductorserviceasgiven.Theyconcentratetheirmarketingresourcesonbuildingselectivedemanddemandfortheirbrandoftheproductorservice.Forexample,inNorthAmerica,whereitfacesamatureandlargelynon-expandabletotalsoftdrinkmarket,Coca-ColadirectsmostofitsmarketingenergiestowardbuildingconsumerpreferenceforCoke,DietCoke,Sprite,anditsotherbrands.However,incountriessuchasChinaorRussia,whicharecharacterizedbyhugebut largelyuntappedmarketpotential,Coca-Colaattemptstobuildtheprimarydemandforsoftdrinks,aswellaspref-erenceforitsownbrands.

Companieshavedevelopedvariouspracticalmethodsforestimatingtotalmarketdemand.Wewillillustratetwohere.SupposeWarnerCommunicationsCompanywantstoestimatethetotalannualsalesofrecordedcompactdiscs.A commonwaytoestimatetotalmarketdemandisasfollows:

Q n q pwhere

Thus, ifthereare100millionbuyersofcompactdiscseachyear, theaveragebuyerbuyssixdiscsayear,andtheaveragepriceis$17,thenthetotalmarketdemandfordiscsis$10.2billion( 100000000 6 $17).

A variationofthisapproach is thechainratiomethod.Thismethod involvesmultiplyingabasenumberbyachainofadjustingpercentages.For example,sup-

marketingeffort.MarketpotentialTheupperlimitofmarketdemand.

PrimarydemandTheleveloftotaldemandfor

Q

n

q

p

totalmarketdemand

numberofbuyersinthemarket

quantitypurchasedbyanaveragebuyerperyear

priceofanaverageunit

allbrandsofagivenproductorserviceforexample,thetotaldemandformotorcycles.SelectivedemandThedemandforagivenbrandofaproductorservice.

poseThompsonConsumerElectronics (TCE)wants toestimate themarketpoten-tialforitsnewRCADigitalSatelliteSystem.Thissystemusesasmall18-inchwidehomesatellitedishmountedonarooftop,windowsill,orporchrailingtoreceivedigitaltelevisionsignalsrelayedfromtwohigh-powersatellitesinspace.Systempricesstartat$975forthesatellitedish,decoderbox,andremotecon-trol.Customerscansubscribetomorethan150channels,allwithcrystal-cleardigitalqualitypicturesandCD-qualitysound.Initially,TCE willtargethouseholdsinsmalltownsandruralareaswherecableTVislimitedorlacking.TCEcanmakeaCanadiandemandestimatefortheRCADigitalSatelliteSystemusingachainofcalculationslikethefollowing:


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Market-buildupmethodAforecastingmethodthatcallsforidentifyingallthepotentialbuyersineachmarketandestimatingtheirpotentialpurchases.

TotalnumberofCanadianhouseholdsThepercentageofCanadianhouseholdslocatedinsmalltownsandruralareasnotservedwellbycabletelevision

Thepercentageofthesesmalltownandruralhouseholdswithmoderateorheavytelevisionusage

ThepercentageofmoderateorheavyusagehouseholdswithenoughdiscretionaryincometobuyRCAshomesatellitedishThissimplechainofcalculationswouldprovideonlyaroughestimateof

potentialdemand.However,moredetailedchainsinvolvingadditionalsegmentsandotherqualifyingfactorswouldyieldmoreaccurateandrefinedestimates.2ESTIMATINGAREAMARKETDEMANDCompaniesfacetheproblemofselectingthebestsalesterritoriesandallocatingtheirmarketingbudgetoptimallyamongtheseterritories.Therefore,theyneedtoestimatethemarketpotentialofdifferentcities,provinces,andcountries.Twomajormethodsareavailable:themarket-buildupmethod,whichisusedprimar-ilybybusinessgoodsfirms,andthemarket-factorindexmethod,whichisusedprimarilybyconsumergoodsfirms.Market-BuildupMethodThemarket-buildupmethodcallsforidentifyingallthepotentialbuyersineachmarketandestimatingtheirpotentialpurchases.Supposeamanufacturerofmin-inginstrumentsdevelopedaninstrumentthatcanbeusedinthefieldtotesttheactualproportionofgoldcontentingold-bearingores.Byusingit,minerswouldnotwastetheirtimediggingdepositsoforecontainingtoolittlegoldtobecom-merciallyprofitable.Themanufacturerwantstopricetheinstrumentat$1000.Itseeseachmineasbuyingoneormoreinstruments,dependingontheminessize.Thecompanywantstodeterminethemarketpotentialforthisinstrumentineachminingprovinceorterritory.Itwouldhireasalespersontocovereachareathathasamarketpotentialofover$300000.ThecompanywantstostartbyfindingthemarketpotentialintheNorthwestTerritories.

ToestimatethemarketpotentialintheN.W.T.,themanufacturercancon-sulttheStandardIndustrialClassification(SIC)developedbyStatisticsCanada.TheSICisthegovernmentscodingsystemthatclassifiesindustries,forpurposesofdatacollectionandreporting,accordingtotheproductproducedoroperationperformed.Eachmajorindustrialgroupisassignedatwo-digitcodemetalmin-ingbearsthecodenumber06.Withinmetalminingarefurtherbreakdownsintofour-digitSICnumbers(thegoldcategoryhasthecodenumber0611).

Next,themanufacturercanturntotheFinancialPostSurveyofMinestodeterminethenumberofgold-miningoperationsineachterritoryandprovince,theirlocationswithintheterritoryandprovince,andthenumberofemployees,annualsales,andnetworth.Using thedataon theN.W.T., thecompanycanpre-

pareamarketpotentialestimate.Anexaminationof theSICdata reveals that theN.W.T.has220goldmines.Itisprojectedthatlargemineshavethepotentialtopurchasefourinstrumentseach,whilesmallmineswillpurchaseonlyoneinstrument.Fiftypercentoftheminingoperationsare largemines.Therefore,thetotalmarketforpotentialinstru-mentsalesintheN.W.T.equals(220.504)+(220.501)550instru-ments.Sinceeachinstrumentsellsfor$1000,themarketequals$550000.Thus,thecompanywouldneedtohiretwosalespeopletocovertheN.W.T.Market-FactorIndexMethodConsumergoodscompaniesalsohavetoestimateareamarketpotentials.Considerthefollowingexample:Amanufacturerofmensdressshirtswishestoevaluateits


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Market-factorindexmethodAforecastingmethodthatidentifiesmarketfactorsthatcorrelatewithmarketpotentialandcombinesthemintoaweightedindex.


salesperformancerelativetomarketpotentialinseveralmajormarketareas,start-ingwithVancouver.Itestimatestotalnationalpotentialfordressshirtsatabout$200millionperyear.Thecompanyscurrentnationwidesalesare$14million,aboutasevenpercentshareofthetotalpotentialmarket.ItssalesintheVancouvermetro-politanareaare$1200000.ItwantstoknowwhetheritsshareoftheVancouvermarket ishigherorlowerthan itsnationalsevenpercentmarketshare.Todetermine

this,thecompanyfirstneedstocalculatemarketpotentialintheVancouverarea.A commonmethod forcalculatingareamarketpotential is themarket-factorindexmethod,whichidentifiesmarketfactorsthatcorrelatewithmarketpoten-tialandcombinesthemintoaweightedindex.Anexcellentexampleofthismethodiscalledthemarketratingindex,whichispublishedeachyearbyTheFinancialPost in itsCanadianMarketspublication.Thissurveyestimates themarket ratingforeachprovinceandmetropolitanareaofCanada.Themarketratingindexisbasedontwofactors:theareasshareofCanadaspopulation,andretailsales.Themarketratingindex(MRI)foraspecificareaisgivenby

MRI=percentageofnationalretailsalesinthearea percentageofnationalpopulationinthearea.Using this index, theshirtmanufacturer looksup theVancouvermetropolitan

areaandfindsthatthismarkethas5.77percentofthenationspopulation,and7.03percentofthenationsretailsales.Thus,themarketratingindexforVancouveris

MRI=7.03/5.77=122Vancouverhasamarketratingindexthatis22percenthigherthanthe

nationalaverage.Becausethetotalnationalpotentialis$200millionnationallyeachyear,totalpotentialinVancouverequals$200million1.22.0577=$14078000.Thus,thecompanyssalesinVancouverof$1200000amounttoa$1200000 $14078800=8.5percentshareofareamarketpotential.Com-paringthiswith itssevenpercentnationalshare,thecompanyappearstobedoingbetterinVancouverthaninotherareasofCanada.

Theweightsusedinthebuyingpowerindexaresomewhatarbitrary.Theyapplymainlytoconsumergoodsthatareneitherlow-pricedstaplesnorhigh-pricedluxurygoods.Otherweightscanbeused.Also,themanufacturerwouldwanttoadjustthemarketpotentialforadditionalfactors,suchaslevelofcompetitioninthemarket,localpromotioncosts,seasonalchangesindemand,anduniquelocalmarketcharacteristics.

Manycompaniescomputeadditionalareademandmeasures.Marketersnowcanrefineprovince-by-provinceandcity-by-citymeasuresdowntocensustractsorpostalcodes.Censustractsaresmallareasaboutthesizeofaneighbourhood,andpostalcodeareas(designatedbyCanadaPost)canbeusedtoidentifypar-ticularstreets,neighbourhoods,orcommunitieswithinlargercities.ESTIMATING

ACTUAL

SALESANDMARKET

SHARES

Besidesestimatingtotalandareademand,acompanywillwanttoknowtheactual

industrysalesinitsmarket.Thus,itmustidentifyitscompetitorsandestimatetheirsales.

Industrystradeassociationsoftencollectandpublishtotalindustrysales,althoughnotindividualcompanysales.Inthisway,eachcompanycanevaluateitsperformanceagainsttheindustryasawhole.Supposethecompanyssalesareincreasingatarateoffivepercentayearandindustrysalesareincreasingat10percent.Thiscompanyactuallyislosingitsrelativestandingintheindustry.

Anotherwaytoestimatesalesistobuyreportsfrommarketingresearchfirmsthataudittotalsalesandbrandsales.Forexample,A.C.Nielsen,IRI,andothermarketingresearchfirmsusescannerdatatoaudittheretailsalesofvarious


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productcategoriesinsupermarketsanddrugstores,andtheysellthisinformationtointerestedcompanies.Acompanycanobtaindataontotalproductcategorysalesaswellasbrandsales.Itcancompareitsperformancewiththatofthetotalindustryoranyparticularcompetitortoseewhetheritisgainingorlosinginitsrelativestanding.3

FORECASTINGFUTUREDEMANDForecastingTheartofestimatingfuturedemandbyanticipatingwhatbuyersarelikelytodounderagivensetofconditions.

Forecasting is theartofestimating futuredemandbyanticipatingwhatbuyersarelikelytodounderagivensetoffutureconditions.Veryfewproductsorserviceslendthemselvestoeasyforecasting.Thosethatdogenerally involveaproductwithsteadysales,orsalesgrowth,inastablecompetitivesituation.Butmostmarketsdonothavestabletotalandcompanydemand,sogoodforecastingbecomesakeyfactorincompanysuccess.Poorforecastingcanleadtooverlylargeinventories,costlypricemarkdowns,orlostsalesduetoitemsbeingoutofstock.

Companiescommonlyuseathree-stageproceduretoarriveatasalesforecast.First theymakeanenvironmental forecast, followedbyan industry fore-cast,followedbyacompanysalesforecast.Theenvironmentalforecastcallsfor

projectinginflation,unemployment,interestrates,con-CommonSalesForecastingTechniquesBasedon: Methods

sumerspendingandsaving,businessinvestment,gov-ernmentexpenditures,netexports,andotherenviron-mentaleventsimportanttothecompany.Theresultis

Whatpeoplesay

Whatpeopledo

Whatpeoplehavedone

SurveysofbuyersintentionsCompositesalesforceopinionsExpertopinion

Testmarkets

Time-seriesanalysisLeadingindicatorsStatisticaldemandanalysis

aforecastofgrossdomesticproduct,whichisusedalongwithotherindicatorstoforecastindustrysales.Thenthecompanypreparesitssalesforecastbyassum-ingthatitwillwinacertainshareofindustrysales.

Companiesuseseveralspecifictechniquestoforecasttheirsales.TableA2-1listsmanyofthesetechniques.4 Allforecastsarebuiltononeofthreeinformationbases:whatpeoplesay,whatpeopledo,orwhatpeoplehave

done.Thefirstbasiswhatpeoplesayinvolvessurveyingtheopinionsofbuy-ersor thosecloseto them,suchassalespeopleoroutsideexperts. It includesthreemethods:surveysofbuyerintentions,compositesofsales-forceopinions,andexpertopinion.Buildingaforecastonwhatpeopledoinvolvesputtingtheprod-uct intoa testmarket toassessbuyer response.Thefinalbasiswhatpeoplehavedoneinvolvesanalysingrecordsofpastbuyingbehaviourorusingtime-seriesanalysisorstatisticaldemandanalysis.SURVEYOFBUYERSINTENTIONSOnewaytoforecastwhatbuyerswilldoistoaskthemdirectly.Thissuggeststhattheforecastershouldsurveybuyers.Surveysareespeciallyvaluableifthebuyershaveclearlyformed intentions,willcarry themout,andcandescribe themtointerviewers.However,thisissometimesnotthecase,andmarketersmustbecarefulwhenusingconsumersurveydatatomakeforecasts.

Severalresearchorganizationsconductperiodicsurveysofconsumerbuyingintentions.Theseorganizationsaskquestionssuchasthefollowing:Doyouintendtobuyacarwithinthenextsixmonths?0 .1 .2 .3 .4 .5 .6 .7 .8 .9 1.0

Nochance

Slightchance

Fairchance

Goodchance

Strongchance

Forcertain


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Thisiscalledapurchaseprobabilityscale.Inaddition,thevarioussurveysaskabouttheconsumerspresentandfuturepersonalfinances,andhisorherexpectationsabouttheeconomy.Thevariousbitsofinformationarecombinedintoaconsumersentimentmeasure(SurveyResearchCenteroftheUniversityofMichigan)oraconsumerconfidencemeasure(SindlingerandCompany).Con-sumerdurablegoodscompaniessubscribe to these indexestohelpthemanticipate

majorshiftsinconsumerbuyingintentionssothattheycanadjusttheirproduc-tionandmarketingplansaccordingly.Forbusinessbuying,variousagenciesandconsultingfirmscarryoutinten-

tionsurveysaboutplant,equipment,andmaterialspurchases.COMPOSITEOFSALES-FORCEOPINIONSWhenbuyerinterviewingisimpractical,thecompanymaybaseitssalesforecastsoninformationprovidedbythesalesforce.Thecompanytypicallyasksitssales-peopletoestimatesalesbyproductfortheirindividualterritories.Itthenaddsuptheindividualestimatestoarriveatanoverallsalesforecast.

Fewcompaniesusetheirsalesforcesestimateswithoutsomeadjustments.Salespeople

are

biased

observers.

They

may

be

naturally

pessimistic

or

optimistic,or theymaygo tooneextremeoranotherbecauseof recentsalessetbacksorsuc-

cesses.Furthermore, theyareoftenunawareof largereconomicdevelopmentsandtheydonotalwaysknowhowtheircompanysmarketingplanswillaffectfuturesalesintheirterritories.Theymayunderstatedemandsothatthecompanywillseta lowsalesquota.Theymaynothave the time topreparecarefulestimatesormaynotconsideritworthwhile.

Assumingthesebiasescanbecountered,anumberofbenefitscanbegainedbyinvolvingthesalesforceinforecasting.Salespeoplemayhavebetterinsightsintodevelopingtrendsthananyothergroup.Afterparticipatingintheforecast-ingprocess, thesalespeoplemayhavegreaterconfidence in theirquotasandmoreincentivetoachievethem.Also,suchgrassrootsforecastingprovidesestimatesbrokendownbyproduct,territory,customer,andsalesperson.5EXPERTOPINIONCompaniescanalsoobtainforecastsbyturningtoexperts.Expertsincludedeal-ers,distributors,suppliers,marketingconsultants,andtradeassociations.Thus,autocompaniessurveytheirdealersperiodicallyfortheirforecastsofshort-termdemand.Dealerestimates,however,aresubjecttothesamestrengthsandweak-nessesassalesforceestimates.

Manycompaniesbuyeconomicandindustryforecastsfromwell-knownfirmssuchasAndersenConsulting.Theseforecastingspecialistsareinabetterposition than thecompany toprepareeconomic forecastsbecause theyhavemoredataavailableandmoreforecastingexpertise.

Expertopinionisoftencapturedinanumberofacademicjournals,includ-ingtheCanadianBusinessReview,whichpublishes informationoneconomiccon-ditionsandindicatorsthataffectCanadianbusiness.Forexample,itwasrecentlyprojectedthatCanadasexportstotheUnitedStateswouldcontinuetoperformwellgivenpredictionsthattheU.S.economywouldremainstrong,andnotbethreatenedbyinterestrateincreases.6Canadasexportsuccesswasattributedtoitsmixofexportsaswellasthelowdollar.

Occasionallycompanieswillinviteaspecialgroupofexpertstoprepareaforecast.Theexpertsmaybeaskedtoexchangeviewsanddevelopagroupesti-mate(groupdiscussionmethod).Ortheymaybeaskedtosupplytheirestimatesindividually,withthecompanyanalystcombiningthemintoasingleestimate.


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Time-seriesanalysisBreakingdownpastsalesintoitstrend,cycle,season,anderraticcomponents,thenrecombiningthesecomponentstoproduceasalesforecast.

LeadingindicatorsTimeseriesthatchangeinthesamedirectionbutinadvanceofcompanysales.

Finally,theymaysupplyindividualestimatesandassumptionsthatarereviewedbyacompanyanalyst,revised,andfollowedbyfurtherroundsofestimation(calledtheDelphimethod).

Expertscanprovidegoodinsightsuponwhichtobaseforecasts,buttheycanalsobewrong.For example, in1943, IBMChairmanThomas J. Watsonpre-dicted, I thinktheresaworldmarketforaboutfivecomputers.Andin1946,DarylF.Zanuck,headof20thCentury-Fox,madethispronouncement:

TVwontbeable toholdon toanymarket itcapturesafter thefirstsix months.Peoplewill

soongettiredofstaringataplywoodboxeverynight.7In1981,BillGates,founderofMicrosoft,proclaimed640Koughttobeenoughforanybody.Thus,wherepossible,thecompanyshouldsubstantiateexpertsopinionswithestimatesobtainedusingothermethods.TESTMARKETINGWherebuyersdonotplantheirpurchasescarefullyorwhereexpertsarenotavail-

ableorreliable,thecompanymaywanttoconductadirecttestmarket.Adirecttestmarketisespeciallyusefulinforecastingnew-productsalesorestablished-productsales inanewdistributionchannelorterritory.TestmarketingisdiscussedinChapter9.PAST-SALESANALYSIS Salesforecastscanbedevelopedonthebasisofpastsales.Time-seriesanalysiscon-

sistsofbreakingdownpasttimeseriesintofourcomponents(trend,cycle,sea-sonal,anderratic)andprojectingthesecomponentsintothefuture.Exponentialsmoothingconsistsofprojectingthenextperiodssalesbycombininganaverageofpastsalesandthemostrecentsales,givingmoreweighttothelatter.Statisticaldemandanalysisconsistsofmeasuringtheimpactlevelofeachofasetofcausalfactors(e.g.,income,marketingexpenditures,price)onthesaleslevel.Finally,econometricanalysisconsistsofbuildingsetsofequationsthatdescribeasystemandproceedingtostatisticallyfittheparameters.LEADINGINDICATORSManycompaniestrytoforecasttheirsalesbyfindingoneormoreleadingindica-torsothertimeseriesthatchangeinthesamedirectionbutinadvanceofcom-panysales.Forexample,aplumbingsupplycompanymightfindthatitssaleslagbehindthehousingstartsindexbyaboutfourmonths.Thehousingstartsindexwouldthenbeausefulleadingindicator.TheDepartmentofIndustryTradeandCommerce regularlyperformseconomicandstatisticalanalysisofmany importantleadingindicators.YoucanaccessthesereportsontheDepartmentswebsite(strate-

gis.ic.gc.ca/sc_ecnmy/engdoc/homepage.html?categories=e_eco).TheU.S.BureauofEconomicResearchhas identified12ofthebest leading indicators.CanadianfirmscompetinginU.S.marketscanusethesevaluestoforecastsalesbyreviewingtheSurveyofCurrentBusiness(seewww.bea.doc.gov/bea/pubs.htm).


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Last word:

Business is not the way only used to develop ones personal life. It improve the country. It

change the picture of the whole nation. So who are capable to invest they should know what is

the demand of the market, for their own and their countrys good luck.

Assignment on measuring and forecasting demand.

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