Operations management: Demand forecasting

Demand forecasting is essential for basic market research, analysis of the target market, and competitor study. This video explains the theory behind forecasting as one of the market research analyst courses. Moreover, it enables university students for digital marketing online learning. Additionally to study engineering online. It provides some marketing case studies to solve real-life problems to support your understanding. After finishing this video, you can plan for trade marketing. The material presented here includes forecasting meaning, importance, features, elements, steps, quantitative and qualitative techniques, and various techniques for the analysis of time series data, technique of trend, seasonality technique, forecasting error, and accuracy. This explanation is supported by solved examples and problems. The time series analysis methods covered here are Naive, moving average, weighted moving average, and exponential smoothing. While the forecasting error is calculated using the mean absolute deviation (MAD), the mean squared error (MSE), and the mean absolute percent error (MAPE).