Anticipating Demand - Revision notes
What is anticipating demand?
● The role of marketing is to estimate the demand for a
product or service
Why is it important?
● Helps you understand how much inventory you need
● Helps you to decide whether you need to grow your staff
How do you forecast demand?
● Prepare - use internal and external feedback to make
judgements
● Conduct research such as surveying potential
customers
● Put your research to use - design products for your
customer
What is internal feedback?
● Feedback from staff about what sells, and what
complaints are made through customer service
What is external feedback?
● Feedback from outside sources such as emails and
social media.
Practice questions
1. Why is feedback important to making marketing
decisions?
2. What is the definition of anticipating demand?
3. Why is anticipating demand important?
What is anticipating demand?
● The role of marketing is to estimate the demand for a
product or service
Why is it important?
● Helps you understand how much inventory you need
● Helps you to decide whether you need to grow your staff
How do you forecast demand?
● Prepare - use internal and external feedback to make
judgements
● Conduct research such as surveying potential
customers
● Put your research to use - design products for your
customer
What is internal feedback?
● Feedback from staff about what sells, and what
complaints are made through customer service
What is external feedback?
● Feedback from outside sources such as emails and
social media.
Practice questions
1. Why is feedback important to making marketing
decisions?
2. What is the definition of anticipating demand?
3. Why is anticipating demand important?
