External Demand Forecasting

External demand forecasting is the process of predicting future customer demand for products or services based on market trends, economic conditions, and external factors. It involves analyzing data from sources outside a company, such as industry reports, competitor performance, and consumer behavior. This helps businesses make informed decisions about production, inventory, and resource allocation. By understanding the demand that is influenced by factors beyond their control, companies can better align their strategies to meet future market needs and enhance their competitiveness.