Why is short-term demand forecasting important for businesses?

It helps in long-term expansion planning.

It determines the pricing strategy.

It aids in setting sales targets.

It facilitates financial planning.

What is the primary purpose of demand forecasting in an organization?

To fulfill organizational objectives.

What is the concept of perfectly elastic demand?

Demand remains unchanged regardless of price changes.

Demand changes infinitely with even a small price change.

Demand is highly responsive to price fluctuations.

Demand is unaffected by income changes.

In the context of elasticity of demand, what does "less elastic" demand mean?

Demand changes substantially with price changes.

Demand remains unchanged regardless of price fluctuations.

Demand is highly responsive to changes in income.

Demand changes slightly in response to price changes.

How does demand forecasting assist an organization in making budgetary decisions?

By estimating production capacity.

By estimating expected revenues.

What role does competition level play in demand forecasting?

It affects the choice of forecasting methods.

It determines the pricing strategy.

It influences production policies.

It has no impact on demand forecasting.

Why is it important for organizations to consider the time period of forecasts in demand forecasting?

It determines pricing policies.

It affects the accuracy of forecasts.

It helps in deciding production capacity.

It has no significance in demand forecasting.

What is the primary objective of cross elasticity of demand?

To assess the impact of substitutes.

Why is it unrealistic to have perfectly elastic or perfectly inelastic demand in the real world?

Consumers have infinite resources.

Demand is influenced by various factors.

What is the significance of differentiating between short-term and long-term demand forecasts for an organization?

It helps in setting competitive prices.

It guides long-term expansion decisions.

It aids in evaluating performance.

It determines pricing strategy.

Market Demand Analysis - 2 Free MCQ Practice Test with Solutions

	Business Economics & Finance 71 videos\|80 docs\|23 tests

	Business Economics & Finance 71 videos\|80 docs\|23 tests

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