Some Rules to Keep in Mind for Demand Planners (Contd.)
4. ๐๐ผ๐ปโ๐ ๐ฝ๐๐ ๐ฎ๐น๐น ๐๐ผ๐๐ฟ ๐ฒ๐ด๐ด๐ ๐ถ๐ป ๐ผ๐ป๐ฒ ๐ฏ๐ฎ๐๐ธ๐ฒ๐ ๐๐ต๐ฒ๐ป ๐ถ๐ ๐ฐ๐ผ๐บ๐ฒ๐ ๐๐ผ ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ ๐ณ๐ผ๐ฟ๐ฒ๐ฐ๐ฎ๐๐๐ถ๐ป๐ด ๐บ๐ฒ๐๐ต๐ผ๐ฑ๐.
Itโs important to use a variety of methods to get the most accurate picture of demand.
For example, donโt rely on your gut feeling or online sales data. Use a variety of methods to make sure youโre not missing anything.
Donโt rely on one demand forecasting method.
Different methods can provide different insights.
So itโs important to use a combination of methods to get a more accurate picture of demand.
For example, time-series analysis may provide a good forecast of demand for a category. But combining it with consumer survey data may give a more complete picture of the demand.
5. ๐๐ผ๐ปโ๐ ๐ถ๐ด๐ป๐ผ๐ฟ๐ฒ ๐๐ต๐ฒ ๐ถ๐บ๐ฝ๐ฎ๐ฐ๐ ๐ผ๐ณ ๐ฒ๐ ๐๐ฒ๐ฟ๐ป๐ฎ๐น ๐ณ๐ฎ๐ฐ๐๐ผ๐ฟ๐ ๐ผ๐ป ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ.
Things like the weather, pop culture, and even the phase of the moon can impact demand.
For example, donโt stock up on โraincoatsโ in the middle of winter. Because even though theyโre practical, theyโre not going to sell in the heat.
Donโt ignore the impact of external factors.
Things like
โ economic conditions,
โ seasonality, and
โ competitors
can all have a big impact on demand, so itโs important to consider them when making demand forecasts.
For example, during an economic downturn, consumer spending on diamond jewellery may decrease. So it would be wise to adjust demand forecasts .
6. ๐๐ผ๐ปโ๐ ๐ฒ๐ ๐ฝ๐ฒ๐ฐ๐ ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ ๐๐ผ ๐ฏ๐ฒ ๐ฐ๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐ ๐ฎ๐น๐น ๐๐ต๐ฒ ๐๐ถ๐บ๐ฒ.
Even the most popular products can have fluctuations in demand. For example, donโt assume that โfidget spinnersโ will be popular forever.
The fad will die down.
Donโt assume that demand will always be consistent.
Even popular items can experience fluctuations in demand.
So itโs important to watch demand and make adjustments as needed.
For example, demand for gold coins may be consistent throughout the year. But during the festival season, the demand may spike.