Economic Principles and Demand Forecasting
12 important questions on Economic Principles and Demand Forecasting
What are opportunity cost?
What is a shortage?
What means perishable good/service ?
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What is Propensity of purchase
Weak season/valley season/offs-season?
What is Demand forecasting?
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- act of estimating, calculating and predicting consumer’s demand for products/services in the future
What are the steps for demand forecasting?
Step 2. Create list demand generations
Step 3. Check date-specific demand generators
Step 4. Lock back to the past
Step 5. Make calendar of all mentioned steps + check booking pace
What is a Demand generator?
What are Demand drainers?
What is a Stay pattern?
What is Constrained demand?
What is Unconstrained demand?
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