Definition: The market in which the foreign currencies are bought and sold is called a Foreign Exchange Market. Here the buyers and sellers are involved in the sale and purchase of currencies of different countries. Types of Foreign Exchange Market Broadly, the foreign exchange market is classified into two categories on the basis of the nature of transactions. These … [Read more...] about Types of Foreign Exchange Market
Functions of Foreign Exchange Market
Definition: Foreign Exchange Market is the market where the buyers and sellers are involved in the buying and selling of foreign currencies. Simply, the market in which the currencies of different countries are bought and sold is called as a foreign exchange market. The foreign exchange market is commonly known as FOREX, a worldwide network, that enables the exchanges around … [Read more...] about Functions of Foreign Exchange Market
Foreign Exchange Market
Definition: The Foreign Exchange Market is a market where the buyers and sellers are involved in the sale and purchase of foreign currencies. In other words, a market where the currencies of different countries are bought and sold is called a foreign exchange market. The structure of the foreign exchange market constitutes central banks, commercial banks, brokers, exporters … [Read more...] about Foreign Exchange Market
Econometric Methods
Definition: The Econometric Methods make use of statistical tools and economic theories in combination to estimate the economic variables and to forecast the intended variables. The econometric model can either be a single-equation regression model or may consist a system of simultaneous equations. In most commodities, the single-equation regression model serves the … [Read more...] about Econometric Methods
Barometric Method of Forecasting
Definition: The Barometric Method of Forecasting was developed to forecast the trend in the overall economic activities. This method can nevertheless be used in forecasting the demand prospects, not necessarily the actual quantity expected to be demanded. Often, the barometric method of forecasting is used by the meteorologists in weather forecasting. The weather conditions … [Read more...] about Barometric Method of Forecasting
Trend Projection Method
Definition: The Trend Projection Method is the most classical method of business forecasting, which is concerned with the movement of variables through time. This method requires a long time-series data. The trend projection method is based on the assumption that the factors liable for the past trends in the variables to be projected shall continue to play their role in the … [Read more...] about Trend Projection Method
Opinion Poll Method
Definition: The Opinion Poll Methods are used to collect opinions of those who possess the knowledge about the market, such as sales representatives, professional marketing experts, sales executives and marketing consultants. The Opinion poll methods include the following survey methods: Expert-Opinion Method: Companies with an adequate network of sales … [Read more...] about Opinion Poll Method
Consumer Survey Method
Definition: Consumer Survey Method is one of the techniques of demand forecasting that involves direct interview of the potential consumers. Consumer Survey Method includes the further three methods that can be used to interview the consumer: Complete Enumeration Method: Under this method, a forecaster contact almost all the potential users of the product and ask … [Read more...] about Consumer Survey Method
Methods of Demand Forecasting
Definition: Demand Forecasting is a systematic and scientific estimation of future demand for a product. Simply, estimating the sales proceeds or demand for a product in the future is called as demand forecasting. There are several methods of demand forecasting applied in terms of; the purpose of forecasting, data required, data availability and the time frame within which … [Read more...] about Methods of Demand Forecasting
Steps in Demand Forecasting
Definition: Demand Forecasting is a systematic process of predicting the future demand for a firm’s product. Simply, estimating the potential demand for a product in the future is called as demand forecasting. The demand forecasting finds its significance where the large-scale production is involved. Such firms may often face difficulties in obtaining a fairly accurate … [Read more...] about Steps in Demand Forecasting