Question

Give an example of a product that flucates from either a seasonal, enviormental, or social trend. How can forecasters get better at accurately predicting these shifts?

Answer 1

The best example of a product that fluctuates from either a seasonal, environmental, or social trend is the casual shoes. We can take the brand Nike as an example. The shoes and their design keep changing according to the season, environment and also with the social trend. The company makes the changes to the shoes during summer, winter, and spring to provide comfort to the users. The company can manufacture for different social classes in the society.  

The company can make the forecasting process better by:

• Make it a collaborative effort by getting the information from different departments and analyze all the possible solutions
• The company can make use flexible time periods to see the fluctuations in the demand and they can learn from it
• A forecast can never be accurate so it better to create a plan based on a range of predictions
• Identify the current user needs to deliver quickly and keep the forecasting process efficient
• The company can do a reality check after the forecast to check if it makes sense to the company.