es SECTION II—DEMAND ANALYSIS AND FORECASTING 4 Demand Determinants ‘The demand fa peoduct and, therefore ts sales depend upon a number ‘of factors Thase Incase much dlverse ements as pie, hjor: eames ‘rain hy ae pce of abate or cpg nda Sera a ‘ales pr motion, population, aaa of cred season of te Joa weathee ‘Sac stun, geographic locaton of buyers, exparied Iuue tend in pees ‘hagas consuls tates. res an petetcaces, changes in conor {Sicha atheist ert ingore Necetnces ee ‘rea few factors which undertine demand behaour of o many produc that they deserve a discussion These factors are. PCH Ince, Pc of lated 1 I iy cura wo keep the number of independent vate fo the in ly $8 the tlt ers he reared esau and = Prices and characteris of abate an creme ry pds = Te peel pee Ines otal emanders—agyrg et eee | "The reat of pce to ales has been longtime A beter Knowledge of uch reanalysis of cancer (0 armgement J oe rolation of cc to sles known economies a th Law of ‘enna The wo Semaed snes hah the ce, wer te ear hd eke rsa theirs teary te sare ‘Demand Schedule, Demand Cure and Demund Function in clementary economies, he Fatnahip of pie to snes o demand. of agate the BG el an i oer ced a shen ‘uanttes: Mus tae ts known as Toemand Schedule. We gre teow aCrinarty. ¥. a dependent variable shown on the Y-axis veri and “the naependent vrai shown on the Xess organ, But te Simeon ng aero ny regres ep ‘Seni plasty on Oe rua’ OY mean he pe “re demand cue cogent excel onthe rie quan trate lapeshipe between guaniydeoanded snd ier warts chet chown by theDomane Cave 'N demand curve canbe ade ol AL pater pie. what he ‘masts ecosumer ih purchase? fi Fora parca qu. wha shall Behe maim pce? ‘he pice quantity relation is ls exresed aerial nthe form of he inj etuatos o-s7 whch means that quantity demande function of price (ChletCaaractriatoe ‘The chief characters ofthe Law of Demand are allows: 1, nese Relaterehip. The rlonship between pice ane quant demanded is vere. That inf the price les demand fas, and the pee ii the demand goes up. 3, Pcs an dependent varae, ond denna. « dependent varebe Under the Law of Demand, ite the eft ef pce demas! wei Ss ‘amined and not he cto demand on pic: When ‘8. Other tings remat he sae, The Law of Dean amuse ‘he aman these other worse had ‘the her acters sy income subeianes pies cos ‘reference, adver outlays, ee, vary. the dead may rc Spat ‘inet pice crallermatvey the emarad my fa ese oa nc ns ei en of Dra he re eon een ‘Fo reasons. tz, fl Income Elfect snd fo] Submiidon Eee fe) Income Efe. The fll the pce of a commy leads to and, therefor: uae oan increase the acm of te coger Secs ‘now be has taped lessee purchasing the sue quanti ts beers At eee itp of cama te, sofa, Rat ot eet te Fopemyuiecoke ings i nn ipen os teal the ome fed mano DETERSINADTS cer ee inte pe toma meat seus tecrna tn em Sr rn pin og Pee ence ae spouts Rigs at ae spa in ecg ex eee ‘Geren tty gio Ga eterna “Picea fet ein he at omen SRE ES ae laren oc eae panty aie ages wc ele neh gare lrg aria nes gust ee Scie ciranirioe Aa ely paar ne is el tn en ty wea coe aes eect eee Beier pe Steons praeta aoa ae oe Sao noe Sa eneer co ea ‘Inaividual Demand end Market Demand ara — ga —— ; i $e i$i a MANAGERIAL ECONOMICS Denno DETERS -The Inst column gives the total demand for eggs at iferent prices, that tM etiee Demon "The market demand curve wil as such be a lateral 1 toe ore pamgual demand carves, {ee cea thatthe consumer behaviour snot s0 = onde Sette comes ea cane ee Sco reef dcann nro cometh Be Cee ct tea int a i 2 : Se GMT tote mare researcher (0 deveop aviabie neo of Banc etOrmend - San eee ra res Sk aren oy nic tora auamarua, ooo | ee eae eae Sa pean ore eee | echo aan rn en man nee =iiecy Sema cepe oe eee peer Se merinpammanyeam faa se oe peng ar ees ae whee gericee so hoc al ave dane Saecitherro amancinmronen - Shiemearaaaie apes aaa : Teomemoversamcnmicane: | Sco: aT ee ge ne ir ro ; | ee ergs rs | va a ryan ee cr ge ening atc poe Oat = ccs ages = ul arcane cach tt ys aera ec ange er nar an ce cu Sera ain Fo et ed oe ene oman Shor taal ne Ser pan ey some he aren, Fe tn kat come a sch ete pr ea eg came yee te Ek ly i ab ange cr ‘eran Sd ga ene oe Se ee eatin my ‘Types of Income Concepts vaeorne fer nx vided by population. symbetcaly expressed ae Tp” AIT rome ery may te wed where Ue commoaty tae eone eae or tne we othe ay 8 2 we Fn eee a tar nen nen nan du ie ney ices icrtonay po expe vo pert in he og a Fe i ne ee rary ‘sity to gato Oe permanent ne pjoereonary mone a ot part of the Income cha of Sur cn rena, oceans We uly ‘nin drrng a diving ine between permanent come onthe one hand and any fray mens te snus nig ai rope come ec era ofthe Unveraiyof Mchgan has outined te portant ears of Ste onary expenditure: a) here ono campeing nes to tae ise exper {tegat gen time fr TRee expenses ara ne pera ope (G)These expenditures are not usual made onthe spur of te morc, a {ite te Constr deliberation and dscunon nang member Income Senslivty and Income Pasticty epi or sao ces en of ens Sy Sea ‘clr tothe ato of pecetape changes xfer ey ho revenge changer in cn eontrasucon, ineame’ asta ‘Resur atio prenagchangrta quan Gee operat in capnctare wan ness aoe name esennesane i mest ‘he cinta infaer.For expe negate core Senay orbs secs would an at asncme nesses pope pe ‘apenaneautowobe werece ty. taal service ve the Ou sae forth the cemand goes down Othe: exams teh end os pcs can be eaare osgrats sere oe cme ee ings mt eee ee ees ee Fela ee tee eee ‘anual te cost sme ler emmy Sa erase eS ian atta autr a savniee meena ce magn mp iayeen sone ees are complements when a change tn the demand con Sigh ea a eee ‘amie an atm he ear fer wana wl ed oan tree nt Sete Sa ones eocereta Foracguidion meet eyianeteataeeeont ER cavmayomonereenwemioners Eons ctnstoams ream eran Soe ny oar heute seme eccrcLaesmreen iA pref Cm a dh con= a s (fons Matty of Demand The elt oa changin he pecs of related gods upo the densand for y enol tay be dtensined by mesaurn he ross Can {ire Ss cy of Se ny ee ‘rportnate change in the quay purchused of Fas agen y REST ge pe Cae or cE J nti gots ae sal ote ss: (Crone Rasta of Fees commode ar interrelate,» change nthe pce fone comned OSS canes i te pre ote the he ema es ey ‘tie of fece may be sed ose: (Semi ewspapers and magne ae eal he forms of SES See mea eee ee Sa SSIES ior medaic ae eect tec 6 Teer nee ate. ne Jer np atrial, Woon dy Ins pcg, ter oma are deer r ee rt cs se me ase mn ‘Beles vce carping avers messagea iets and lags, ee “elt tres oie merino ani oe 1 ewan sot ies pene wy ei rng te, pce gy, cama to st sm ce a lig te taney en ‘at teen 8 ewe of oa Tu ance Siti ents yt nese nt 2. 0p a pa, rou emt al ee a eect etal Ba tn ain set Serer pps oom Seminar! Sheehan ta ra Ronen creemmtwam J sng gaa te Sicieenetseracigimcas ‘Stour of seo taking place even wou Syme seek oeecaure rater tere Te acre gl RTE TA) Sats desing ae idan stent aaceenteincreasc in the expenditure adptcmen ges diminishing return, Ciemtey tases te ek inci tat he saturn pot has ben enc el Uae no ee Send i pa may cen gre see ee AdvertiingElatieity of Demand egal ie et ane" nares mane er promo of = peace Opottionae change in Sate Eepginate change in Ader Eps Bro iatawaciran.econoncs 2, The extent o which eompetios react to the com ‘herby further advertising or by inercaoed sae Ser? * SerBeMent ture fhe @ reall Uhre us bot a Incresor tthe sa a ‘amapany Bin the absence ofthis change: thre tg rat hs Sees at pret Company, Bs mle the cr and he he Cay ‘Ladverbement Bat now Wis not posi ete i dt oto ene Inthe advertisement tly by Company 4 on tras 4. The infuenceonon adverning determinants demand such as growth wend fice, ncome. ee and the Seno ohich teas ony Sac elcmined wit avew ciminate er elect in dean says and reponse of sales (othe expendi whch afield Does ‘depends upon the ype of he product the method of ndeeimen ce {8 The delayed eet of companys post advertisement ad he exe to ‘which Walets current nd te sae Beets ncaa cence oo macs es een cere thutwouidhawrcen sciet wo nvertcement Mees ose Determining Advertisement Outlays et Dean has identi several ways in which advertising aay are plement feos and Ma). Automolie registration fr the demand fear accesories, petrol es conocer unied by specanes opeisntons the C50. shd pbs nao income esateFor the use of economic instore, tbe flowing steps ave toe ake: 1 See whether elaonahip ents betwen the demand for product} and conan conor incatars 2 establish the rlaonstip rough he method of east square and eerie han acre ne cate cunrr ransonsups Sv = Se cares eccuecl ie Gentes | teeta Otay gest et oc ene | 1. Finding an appropriate economic indicator may be dificult | 2 rue afurccsang orig ech rtm of | See 3 ee eet ot lt de ig Setting wind ar namie nce ews tera seta teste tmes on rarest ‘S"iduonsp exists Uetwen tr sale wectore and the Far Income I Tae seen eae 1868 te 1980 Te repression equa SaTbe citadel ae flows: == ae baste epee oe | es) we | om | (eee eas es | Sree ee see 5 I we subautute the vartous values of Da, nun, En? and nin the uations (i) and (we get xan FoRDCASTING 79=50+70b i. 1.068 708+ 10120 aaa 1,022-702+080b 11069-70at1.0820 & vf -0.08 unattng a in etn = 50701080) a sa 2 73063 sss E ‘r= 10120 000{ 10 53.540. Now. the index of farm neon expected tobe 210, sales of tractors Y= s26+006210 Regression Equations and Forecasting ct ace haw demand forecasting 6 done with the Delp of eesion {i} Suppose he equations where YY © Sales of tractors n thousands of nits 7, Forage tn nae a iy of me andMANAGERIAL BoONONACS X= 200 ¥ = 0.1 +0.109;200, = o1s2is ¥ = sox ¥ = Sales of electric fans, X = Advertisement expenditure ‘expenditure on advertisstnent i Rs: 200 ¥ = 500+3 200) = 500+600 = 1.100 etecre fans (9) Suppose the equation i: 185-429" sos and ‘Now. i proposed P= Re 10and Y= 100 @ = 185-429110)+ 05100) 185-43 +50 (1 price increases to Re. 20, whereas income remains unchanged: @ = 185~4.2900) +05 (100) wil be sen that as price expected to go up. demand wil decline from 192 units t 149 units. (ad Hlndex of income te expected to rae to 200 and Premains unchanged: Q = 185~4.20(10) +05 200) = 155 -42.9 +100 = 255-429 = 242 units (is) Weds of income rises to 200 and pice rises to 20: @ = 165 -4.29120)+ 0.5 (200) = 165 65.8 +100 = 255-658 Deano FoRecAsTING ~ ‘Applying Seasonal Factors Ina numberof cases, an application of seasonal factors can cosiderabty lmaproe short term demand oreaating To ake an ceampie if month ses data fo april prot hom that on he average Rover se ae 10 Der cen abore the tend line, seasonal adjustment factor Of 1-10 an be ‘ls that February sles re n average 10 perc below te en ne ‘sn adjustinent ctor of 0.90 woulé be app in projecting Februnry sales ‘oii supe te anal mes are pdt 2 ih Ce Tak per montht On appiving the seasonal factor November sales would be predicted at Rr 140,000 Ces e1-00000 1-10) and February sles wou ‘projected at, 90.000 (Ce. Rs .00:000 > 0.20 ‘V Controlled Experiments Ye a et ei in trees i on a a ed Eni Po Wer seae Semin wi’ ttn ican Sis ara are cpl see ‘Gusto Far cramps ailret pices would be asocated wth dierent Siouts ates eee gray epee ine a tense eng are mate fee cram aetneesea tiene eae yet eh sen ace USA cn Sint ee ten mt cc Seiteitocstetcnnge teste nce es Sc td inant aoe iesmno ara eeteterchsorine ay ow enon ane et a a arate Dinceminny cok oy cence ae aa ace seca ar oe act wl girs fay ‘Seve ay pein eg ms san reactance ee ithe ctu nt ei eater cectl ae eet ape mee ea at Reeiy hs de © Se con ee Saeed es orc mntians Tucomes pe ects ones = ‘YE Sudgemental Approach Management ay bave tus ts own fdgement when: anass of van ed ne prgena wane rae aeons {ats or because of nlpated charges in rnc: nd use oearenston, aed spot posste becuse of Mex of heteseal data of Beene of ‘Raragetens Ulbly to pret or even Wert canal factors Bren whe Saini mst ed Kg carat mappemene Sigement forte flowing reasos, fa) ven the mon soprstcted oa ‘ites cnet ineepart tbe pte actors ain Sema see caer eamdogealSresuthrugh tm rst OF Paces =0 anaceRIAL BeoNoMacs Tana FORCE ‘sgn. f) For rdustal products, demand may be concentrated in a smal ‘number of buyer. ifthe management anticipates loss t achion ota oy ‘uch large buyers, could be taken ito aceount ony tarouah oper ‘al approach) Stata forecasts are more tclable he ieee ee some survey may be neccaaary. Similar wil be the situation when {Sect olen ofa podactane hat be cred procact nase usraton ‘ugriations, Thor while t may be pose fo freto he eee ee 7 lowing ustration shows how a sles forecast terms of product irecn demand itary He, moe a there sroipan tie na pod Tpalleroave but o depend upon judgement fr dviooen aes See ‘Tite 2 tats of redact As Percentage of Prodaet Grp aes forcast. Sia ped ee Be ere a pe — APPROACH TO FORECASTING one freon eg ddenty and leary state the atjecesoffoecastng—ahor-term or a longer market shore of indus ae Se 3 are eee nae me : 2 Select appropriate method o forecasting. = 7 Rate on 3, ently the warabies"afetng the demand forthe product and Se eae cxren them i appeopete fs TEB0TD To ae 4, Gather reat data o apgroiations to felevan ata to vepreent the varias, ‘Suppo that te forecast product group sales for 1998 are Re 150,000. 5. Through the ua of statistical icchniqus, determine the most probable or calling Ue forcnat sales of Pyodct A. we an ake tine te ‘atnshipoctwce the Sepensen sn i eecntage revealed ty the tend whe ints ease ld be 38 ern ve bec ie dependent and the independent varias {hatthe ime growth end Gonna or te average percentage shachsad inpkadT Bape reas and tert he euts ncrpcaon mere |S Sir cao roc tba of pr cnt 30.00 wowtant tthe aap ‘hd onthe bat of 20 pr St Ro 3 1, or forecasting the company’s share inthe demand, two éierent “Thesane eth my te sede edo companys are nduey assumptions maybe mate sates then there Isa oe feltonhip betwen te Talus sass se soe fc) The rat of te company sales othe ttl industry sles wil continue cI a ed (Ont afar iy compen nny ey yas ae te tn ey ) et Rares terse pa ioe 4s Saa seo gt haae Seip vans mst ec tence ae eof se Scere hese reece ee Ran aS olga sere ene row maid Bes : Forceast may be made either n terms of physieal units o in terms of ‘Ses in Year ‘pers of sles volume. The later may te converted ints risen tae = Present Sate (1 + growth rate)? ‘iv iby the expesied sling pice, Pepe Us 1, Forerasts may be made in terms of product groups and then broken {or individual products on tne bass of past percentages Product aoe nay = Ra. 20Iakne x 1.61 be divided ita inddual product in terms ses beans eck ae = Rs. 9220.00, ete (See ustration blow) } 10, Forecasts may bemade on annual basis ad then divided month-vise LENGTH OF roREcAsTS | orweek-wise om the base of past records, 1 Shon-term forecasts volving period up to twelve teenth, are 11, For determining the monthise break-up ofthe forecast sales ofa sel or Sales quotas, nventary contol, production seeds. ‘ew product either: (use may be made of ater rm dats fava ot Desdgeting and planng ean ows | abe dab of the recasting power o «deme fnctn depends party on a eaenabness nd nop a tacos cdo paar ene TS ‘Lang erm demand forecast, nvolng period of hee to ten years tinervan elation he pst 21e eel fr deny Spal ce pe-aannceRIALEooNONCS rand requlrements raw matertal requirements and the size parecer = and scope of Hore, the lng the forecast ero, the more uncertain iether. Intheabsencef any other evidence thelong-term rend ine wltend towards {he horizontal. This so fortwo reasons 1) nthe long-term, markt forces ‘chs compedtion. market situation, et wl provide barre: laconic ‘gmt (2) No company wil allow a product fo decline indeiately witout fEking some action. eitver by increased promotion ctv. new prodct evelopment of by discontinuing the brand! FORECASTING DEMAND FOR NEW PRODUCTS eet Dean haa a nsimber of posible approaches to the problem 3 gested a Pron prob 1, Projet the demand forthe new product as an outgrowth ofan exiting ci product 2. Analyse the new product asa substitute for some exiting product or ‘3. Eatimate the rte of growth and the ulimate level of demand forthe ‘new prod onthe bans ofthe pater of growth of eased product 4 Eatin the demand aking direct couric fom te ulimate purchasers, eter by the use of samples or ona fll sae 5 Gieteno ruc orale asamp by et ma %, Survey consumers fenton oa new pradoc inet through the rtlepsned dealers whoare upped be infered about ene ‘epiTpeee meinede eet mutual excusve and it would be desirable ey to combine several of them so that eros checking i porate, To some extent, the methods of forecasting demand for an estabhed product may also be ‘pple or adapted for new products. ‘CRITERIA OF A GOOD FORECASTING METHOD 3. Economy. Conte must be weighed against the importance of the ocecSst te Speratons of the busine. A question tay arse: How much 1. fin een hn conection on cent rte on‘Ovenmwer An Stace In akg Ae OE Ca Satin Nove 1076. ew rorecasmve e money and manager eft should be alacated to Oban a 1g evel forecasting accuraty? The crenon here te the ecomomie consideration ‘baaneng the benefits om increased sccurney apna the etre eos of providing die improved loeeasting "7A. Ausable, The techniques employed should be able to produce meaning el quicky echniguca whch take afong ime to work ot ‘may pradce useful infrmation to inte for efleedve management decison Er Mantenance of Tinctnene. The forces shoud be capable o being maintained on an up--date bat. This as Ure apect:! they teary info the ature fora signicant amount of ine 0) Carrent data required to use thse underying relationships sboule vada feesting rece se ‘PRESENTATION OF A FORECAST TO THE MANAGEMENT tn presenting a forecast to dhe management, 2 mansgertaleconomis| 1 Make the forecast a easy for the management lo understand & ‘3. Always pin pint hs majo assumptions and sources. 5. Avoid making undue quaiieatons 6. Omit details about methedoiogy and caleutations permit changes to be made tn 7 Make ee of charts and graphs = muchas posible for casy com prehension Besant hy role whieh prc plea dterinant fe ate ofa Semel. tomar ete trey tee Pecaaiglbnoaip usage ie seeds on pce and sles Ermey peaking ls eee psy tha the pce ee ‘cnomist's demand curve. This ts because in real Me. the influence of opantion growth income hang, there. beoennecary price data and then measure the prise quantity relationship. Phe varios Eitpe tordoing eo are 1. Fi the tend tothe time-series of ales 2. Find out the deviations of sales from the tend: and i, Bath Aooman Pree Arts: Mere Bok apne. 196‘3, Entiat he rgression eqiation, Y= 0+ BX: taking pie series a8 | ‘eget vale Of) and catenin ais Geviatons a doped re tend may be ted fecha or by the metodo et squares. vse neque esters woe ato ete Lats itustrae the extimaton of pce quan relatoncipby using the pata price sale ats gen PCS ee ver isos ley be noted that Xe 3 for 1966, 2 fo 1987, a oon wl be sen suai Gl gat fama ha pad dn ne ee scvenear period so thatthe quanti sol reased ere when he pee fose: To climate the tend factor om ot sana ted lin med ithe tte series of sales, The equation af the trend ine ¥oa8.49 24-46% ow the actos devatons of ses fom wend value (p,¥1are shown in Cal 6 Fltng a repesuer ito te pte es and aes dations Fs Ne ‘egrenson pon walt be Wie A085 4.59%, SS oe ered ESS er See te the acu ms were erent of rn vale one og os Tine Ceptante neg tole recs ate ed aus Tome Sienaey ace by Sena Oe AN POMBCASTIS = Tongro he dean cee of varius yar, we il hae tne Hend value ofthat year to he above and then WSaocs eat anor prcesAeratvey Oe tend value os perce SeaPiiy cated othe mputed deat of es Tabs Wests ‘Eonand aches forthe ears 1986 1989 and 1983 Ea aves fied ne REESE, ROE BEng equity rlasonshipe or Cone can also us the above mod for frecating purposes. The trend ah SS 88S our ape wold Be eon ‘uminsting Trend—Other Methods In the hustraton lo oltng the elect of pice changes on sas. the method fellowes one offing the wend ine to the als stn a then ‘Sree the price sees wih sale devatona ron te es Howse whee Intend quicker mato ie Wichod of NY Dufaracer ose mes Ainge month-ononth year-to-year changes in pice and sles ee ‘hen amning the ration between ase coanges Ths ccs danse ‘owt othe tend in both eres permting the aalyt toe ehether a Cecease tn peice actualy simulated salen tego up toce than they west ‘Trendy increasing ‘ony ay red ei a irre, Under hs tod ech sales igure fs expressed as percentage of the ues or the peeing pose ‘monlluor yen, each pce ts nearly rated to the frau eros Pree. This method eliminates mach othe end and maybe some mare curate than theft -dflerence method if eonsumars act more stony fer ecimple toa onetupe et roma lo-upecvel tanto onctupee eeDManacereal BconoMcs Np hs wed nom a tn ee ee nn deren tree ede ce Yea ten! Osea rea ono rst ere et emer enteeremm asec mss on ae eeen einer eee toca ss ravens ses comt tie er tn a ap tm cere. ee ons w aero axa hy ine mo feline ipl elec mie eh Seca ol emer procs cms te ee ooo ym ax Px? .. Xe” samen spun te edict agent an naeeaace nine ear a he sro aa se tie a ee eee ba the mam re ht ge Show qrhen the preven equation i pues, When the ere its last. Thus, A he mutapicatve eng equation tas follows ae yes sxe! sete wi change of 049 per cen 0 a change of 1 pe ct in eimcagergied win a change of 0221 Fer Yoana’ Shang ot ecu in to ten percent can Senki ¥ Saran ape xr changt in Yard 1 per cet cane Peng per cont change iY. aaa pacatre form fpreicng equation an becreeed nah a grttorn. a. 8 predicting equation Y= Ser sated a logartimte fort a under Lag Y= log + log X' 1082 tn tne above equation, the coeftents band repre senses X ad Ztespetivey fo tae an example, we ve below an ex erm or vanaspal i ne Mog D = 18:25-0,60 Log y+ 9:90 LK Fo D = demand for varmspatl Pe mpceofvanaspat Pog = population, sctiange of 1 per cent n X18 ent the elaslties of Jamated equation for predict ee ” rom the above equation, we fod that the elastic of demand for any re eta ple an tha wa espe os population ae Sa rn cept eh cc ina deine 6 Pe cng aout per com rea the detand oe increment ha if poptiaon reac 2.5 per ce SEB Sine oe tran 2 98-078 tion freon tpt Ts petcen eae rie of tanaapal by aon 1 vot OF MACRO-LEVEL FORECASTING IX DEMAND FORECASTS vot vteden mee te ema forecasing fra ote reafarantera suchas Grom ational Produc (OND) apt ret elie tan which jens, demand fo an isle por er tart ee at indy to ef posable consume expo cn products wl ie racie ote fae psn parame han Paring 0 na Sera consumer gots, Ube taal er eataumer foods, opel, demand og cone stn tne marke or aon common ‘min populates (ous macro parancter® (ound veel for demand forecatung ave a ude: i a mone and pr capa care ease these Parameters nate amanet pte for conser “arg elon ng nH ne wo a fy Invenent An nerease rede foods or He vera, ty, Popataton Gon. The fe set poo got wan pops epee, gh Yl of pub expenditure would sn eran Pine pate econ contest of nla cone. sumultetovestnent Sure has a decile simula Peale te ncrege fn ute gama a he level o peng Der ment, eB pcan abo inluence dean pater Ceria ey wel ae Sema of cone a, a te cr cnalone de er nce reiteration ca eps etme in eae now 1427 Fae il gos empoyed in Use ine ran erate, Such pate intueace cont of rea ca aaa, an ee Re ee pater of snvgenen ag and company nas eons reuse seed eg fear eet on eattng ts all busines setions— produces 1 tasks ven by exponent na multipeaeea tits eaten ee pen conues demand for al types of goods woul aeCae a rt SS atone tape eaees reer Fons pts ae pen eo sping. ts ena eee Taipei cee ea ea [RECENT TRENDS IN DEMAND FORECASTING ago, Motes are mung imertancet demand eeastinghan decd 2. Since forecanting requires closer co-operation and consultation with many spetaliats.atenm spt has deve tee et Mn at ad reed recasting ees have een Spee en em cote ane aa = 3 Epes eer ia & ates suave aan ara name caeat pga de cnn @Rruruncrenen Ste Seg nutrten ep $e emeeppenrn nme pas Saree sp Po oes ae Yon el on oe Industy an hall the naa eens é le iscrce reenter nee See seer taney ecjant Saleem coe covnmot or ase nro age nie to ees el cee nears, Reais inching dees pec cee oe aac sn ecnd ueoeanen ones omy eee Steneeerse ensues Le ae Papohasee a tear pce to he random te of ate Sd acl 80 fe Ine arses to cone what fe soldat these ples. Ax ares, the onto ot eee aera ee oer ieciromes eters any meer iene eeteaeea aa yee eee SHEERS toe a0 ona sa da eC ant ‘ig pling ind npr eno ron hat are ‘sod stone sing pars