Difference Between Demand Forecasting and Sales Forecasting
Demand forecasting and sales forecasting are two distinct but related concepts in business planning. Demand forecasting involves predicting the number of customers who will desire and potentially purchase a particular product or service in the future, helping businesses plan for production, inventory, and marketing. Sales forecasting, on the other hand, focuses on estimating the revenue a business will generate from selling its products or services, taking into account factors like pricing, competition, and marketing efforts....