Briefly Describe the Methods of Forecasting Future Demand on the Basis

question 11

Essay

Briefly describe the methods of forecasting future demand on the basis of past sales.

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Definitions:

Labeling Technique

A social psychology strategy where one labels a person or group with a term in order to influence their behavior or perception, often used in persuasion and compliance.

Commitment And Consistency

The psychological principle that suggests individuals strive to be consistent in their beliefs and actions, especially when they have made a public commitment.

Social Influence Techniques

Methods or strategies used to change or manipulate others' behaviors, attitudes, or perceptions.

Foot-In-The-Door Technique

A persuasion strategy that involves getting a person to agree to a small request to increase the chances of agreeing to a larger request later.