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Business forecasting
Research forecasting and demand. As a regional manager of 27 Burger Queens, you are thinking about expanding the number of outlets in your area. How will you forecast demand and not sales? What types of forecasts would you want to create in order to support your decision?
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| Subject |
Computer Science |
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Answer
Business forecasting is one of the most effective ways through which decisions are made regarding the right measures to implement. Forecasting involves using past data recorded as well as opinions from consumers and market analysis to come up with new measures to integrate into organizations. Being a manager at 27 Burger Queens, I would incorporate forecasting to safeguard future affairs of the company. Forecasting in the company would help in ensuring reliability, cost efficiency, and accuracy. It could help in avoiding some of the measures leading to company losses. To expand the number of outlets associated with 27 Burger Queens, the consumers of the products will be studied by focussing on their tastes and preferences. It is important to first understand the current market trends as well as performance in order to establish other outlets. That is why qualitative forecasting becomes necessary in this case. Executive opinions is another form of forecasting applicable to increasing demand of 27 Burger Queens products. With executive opinions, then the current leadership which makes up the executive would be used to come up with decisions regarding expanding the outlets. By executive focusing on making independent informed decisions on how to target customers, brilliant ideas will emerge among themselves which will propel the firm to new heights of creating demand for products that, in return, trigger more sales (Dunn, 2015). Market analysis and research is another form of qualitative forecasting used before expanding the outlets. The current performance of the company within the current market is what could help in coming up with conclusions as to whether to implement some strategies in terms of expanding the company’s operations (Makridakis, Wheelwright and Hyndman, 2008).
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References
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Dunn, W. N. (2015). Public policy analysis. Routledge.
Makridakis, S., Wheelwright, S. C., & Hyndman, R. J. (2008). Forecasting methods and applications. John wiley & sons.
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