Definition: Under the End Use Method, also called as the User Expectation Method, the list of several users of the product under forecasting is prepared first, who are then asked about their individual purchasing patterns and then from such information the complete product demand forecast is ascertained. Simply, the method used to know the buyer’s likely consumption of the … [Read more...] about End Use Method
Marketing
Sales Force Composite Method
Definition: The Sale Force Composite Method is a sale forecasting method wherein the sales agents forecast the sales in their respective territories, which is then consolidated at branch/region/area level, after which the aggregate of all these factors is consolidated to develop an overall company sales forecast. The sales force composite method is the bottom-up approach … [Read more...] about Sales Force Composite Method
Survey of Expert’s Opinions
Definition: In Survey of Expert's Opinions, the specialized group of people in the concerned fields, from both inside and outside the organization, are approached and asked to give their opinions on sales trend. The Survey of Expert's Opinions is the most common method of sales forecasting, employed by the organizations. This method is also based on the judgment of … [Read more...] about Survey of Expert’s Opinions
Jury Method
Definition: The Jury Method also called as an Executive Opinion Method is a sales forecasting method, wherein the executives from different departments come together and forecast sales for the given period, on the basis of their experience and specialization. The jury method is based on the judgments, the top executives of Marketing, HR, Finance, Production department come … [Read more...] about Jury Method
Sales Forecasting
Definition: Sales Forecasting is the projection of customer demand for the goods and services over a period of time. In other words, it is the process that involves the estimation of sales in a physical unit that a company expects within a plan period. There are a variety of methods available to the firm for forecasting sales or demand of a company; these are listed … [Read more...] about Sales Forecasting
Monopoly Market
Definition: The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market. Simply, monopoly is a form of market where there is a single seller selling a particular commodity for which there are no close substitutes. Features of Monopoly Market Under monopoly, the firm has … [Read more...] about Monopoly Market
Types of Oligopoly Market
Definition: The Oligopoly is a market structure wherein few sellers dominate the market and sell the homogeneous or heterogeneous products. Types of Oligopoly Market Open Vs Closed Oligopoly: This classification is made on the basis of freedom to enter into the new industry. An open Oligopoly is the market situation wherein firm can enter into the industry any … [Read more...] about Types of Oligopoly Market
Oligopoly Market
Definition: The Oligopoly Market characterized by few sellers, selling the homogeneous or differentiated products. In other words, the Oligopoly market structure lies between the pure monopoly and monopolistic competition, where few sellers dominate the market and have control over the price of the product. Under the Oligopoly market, a firm either produces: Homogeneous … [Read more...] about Oligopoly Market
Monopolistic Competition
Definition: Under, the Monopolistic Competition, there are a large number of firms that produce differentiated products which are close substitutes for each other. In other words, large sellers selling the products that are similar, but not identical and compete with each other on other factors besides price. Features of Monopolistic Competition Product … [Read more...] about Monopolistic Competition
Perfect Competition
Definition: The Perfect Competition is a market structure where a large number of buyers and sellers are present, and all are engaged in the buying and selling of the homogeneous products at a single price prevailing in the market. In other words, perfect competition also referred to as a pure competition, exists when there is no direct competition between the rivals and all … [Read more...] about Perfect Competition