Consumer enumeration: – In this method, almost all the potential users of the product are contacted and are asked about the future plan of purchasing the product in question. The quantities indicated by the consumers are added together to obtain the probable demand for the product.
Sample survey method: – Under this method only a few potential consumers selected from relevant market through a sampling method are surveyed, on the basis of the information obtained, the probable demand may be estimated through the following formula.
D = HR (H.AD)
Where D = probable demand forecast
H = Census number of households from the relevant market.
Hs = number of households reporting demand for the product.
HR = number of households reporting demand for the product.
AD = average expected consumption by the reporting households.
End User Method: – The end user method of demand forecasting is used for estimating demand for inputs. Making forecast by this method requires building up a schedule of probable aggregate future demand for inputs by consuming industries and various other sectors.
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