Demand forecasting is an essential activity in sales and marketing. The demand forecasting has to be done so that the company does not store huge inventories and at the same time, does not under utilise its operation setup. By taking into considerations the various types of demand in the market, the firm can thereby have a proper forecast and can plan its inventories accordingly, meeting the objectives of the firm.
There are mainly 8 types of demands in Marketing which have to be taken into consideration by the marketing manager during demand forecasting. The various types of demands, and how to tackle the challenges for marketers in these various demands, is discussed below.