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    Medium Term Planning: Medium Term 6 Months-2 Years Techniques - Correlation Analysis - Buyers Intension Survey

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    Seema Shedage
    This document discusses medium and long term planning techniques for demand forecasting. For medium term planning of 6 months to 2 years, it recommends correlation analysis and buyers intention surveys. Correlation analysis establishes relationships between data while surveys collect preferences from end users. For long term planning over 2 years, it recommends the Delphi technique, market surveys, and analyzing product life cycles. The Delphi technique uses anonymous expert opinions over multiple rounds to reach consensus. Market surveys directly collect reliable data from customers. Analyzing life cycles examines sales and profits over a product's phases of introduction, growth, maturity and decline.

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    Medium Term Planning: Medium Term 6 Months-2 Years Techniques - Correlation Analysis - Buyers Intension Survey

    Uploaded by

    Seema Shedage
    4 views11 pages
    This document discusses medium and long term planning techniques for demand forecasting. For medium term planning of 6 months to 2 years, it recommends correlation analysis and buyers intention surveys. Correlation analysis establishes relationships between data while surveys collect preferences from end users. For long term planning over 2 years, it recommends the Delphi technique, market surveys, and analyzing product life cycles. The Delphi technique uses anonymous expert opinions over multiple rounds to reach consensus. Market surveys directly collect reliable data from customers. Analyzing life cycles examines sales and profits over a product's phases of introduction, growth, maturity and decline.

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    Demand

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    This document discusses medium and long term planning techniques for demand forecasting. For medium term planning of 6 months to 2 years, it recommends correlation analysis and buyers intention surveys. Correlation analysis establishes relationships between data while surveys collect preferences from end users. For long term planning over 2 years, it recommends the Delphi technique, market surveys, and analyzing product life cycles. The Delphi technique uses anonymous expert opinions over multiple rounds to reach consensus. Market surveys directly collect reliable data from customers. Analyzing life cycles examines sales and profits over a product's phases of introduction, growth, maturity and decline.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    4 views11 pages

    Medium Term Planning: Medium Term 6 Months-2 Years Techniques - Correlation Analysis - Buyers Intension Survey

    Uploaded by

    Seema Shedage
    This document discusses medium and long term planning techniques for demand forecasting. For medium term planning of 6 months to 2 years, it recommends correlation analysis and buyers intention surveys. Correlation analysis establishes relationships between data while surveys collect preferences from end users. For long term planning over 2 years, it recommends the Delphi technique, market surveys, and analyzing product life cycles. The Delphi technique uses anonymous expert opinions over multiple rounds to reach consensus. Market surveys directly collect reliable data from customers. Analyzing life cycles examines sales and profits over a product's phases of introduction, growth, maturity and decline.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    Medium Term Planning

    MEDIUM TERM
    6 months-2 years

     Techniques
    • Correlation Analysis
    • Buyers Intension Survey
    Correlation Analysis
    • Check for relation among the data.
    • If there is a relation establish the nature of relation.
    • Check if the relation is significant.
    • Establish a cause effect relationship.
    Buyers Intension Survey
    • Employs sample survey techniques for gathering data.
    • Data is collected from end users of Goods.
    • Data portrays preferences of End users.
    • It is cost effective and reliable.

    ADVANTAGES
    • Approximating future requirements without any past data.
    • Buyers needs and wants are clearly identified.
    • Most effective way for new firms.
    LIMITATIONS
    People may not know what they are going to purchase
    They may report what they want to buy, but not what they
    are capable of buying
    Customers may not want to disclose real information
    Effects of derived demand may make forecasting difficult
    Long Term planning
    LONG TERM
    Above 2 years, Strategic Decision
    E.g.- Research and Development
     Techniques
     Delphi Technique
     Market Survey
     Product Life cycle
    Delphi Method
    1. Choose experts representing a variety of knowledgeable people in
    different areas to participate
    2. Through a questionnaire (or E-mail), obtain forecasts anonymously
    (and any premises or qualifications for the forecasts) from all
    participants
    3. Summarize the results and redistribute anonymously along with
    appropriate new questions/conditions
    4. Repeat Step 3 until consensus or none to be found
    Decision Makers
    (Evaluate responses
    and make decisions)

    Staff
    (Administering
    survey)

    Respondents
    (People who can
    make valuable
    judgments)
    ADVANTAGES
    Eliminates need for group meetings.
    Eliminates biases for group meetings.
    Participants can change their decisions anonymously.

    LIMITATIONS
    Time Consuming.
    Participants may drop out.
    Market Survey
    • The market forecast shows existing and expected market demand.
    • Coupons are issued to customers.
    • Proximity with customers makes data collected reliable.
    • The data collected is used for forecasting.
    • Best used if the sales personnel are specialised and well trained.

    ADVANTAGES
    • Helps estimating actual potential for future sale.
    • Provides feedback for improving customizing
    Product Life Cycle
    • The product life cycle reflects sales and profits of a product over a
    period of time.
    • It examines the introduction, growth, maturity and decline during
    its phase of existence.
    BENEFITS OF DEMAND FORECAST
    • Early recognition of market trends.
    • Improved production planning.
    • Better market positioning.
    • Improved customer service level.
    • Higher revenues.

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