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Forecasting Market Demand ListenSoft Simulation I Accurately forecasting market demand is one of the most difficult and important things to do as a marketer It is about generating numbers out of expectations opinions statements prior patterns and a host of other subjective elements Marketers use a lot of tools and techniques to forecast market demand for their products ListenSoft is software that translates spoke commands into written text and computer actions without using the keyboard What makes this forecasting market demand for the named product important is as follow -Importance of analyzing market to find out whether ListenSoft will really sell or not -Estimating market demand What the market place has in store for ListenSoft as far as production capacity and pricing strategy forecasted as follow Industry TrendsComparablesResearch 75000 units100000 units125000 units Analyzing based on comparable products seems to be a good technique to choose for predicting the demand for ListenSoft Using comparable products trends to produce good result especially in the field of tech products When we are launching a new product it is wise to price it slightly high due to value perception at the early stages of a products lifecycle The result for the first year came as follow ForecastActualPrice 100000 units100500 units23500 For the second year the challenge comes from the competitors and the company forecasted the sale in three segments Doctors IT Industry and Banking Industry The results for the second year are as follow ForecastActualProfit 215000 units220175 units843 For the following years the challenge comes undeniable Going with price sensitivity analysis is the best approach to win the competitive marker ForecastActualpriceProfit 215000 units220175 units22500774 What we have to remember is that demand forecasting is not an easy task There are no certainties and barriers Demand forecasting is more than just number crunching To support our judgment we have to regularly adjust the demand estimate if market conditions change andor new information become available The flexibility is the answer
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