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What Is the Concept and Definition of Demand Forecasting?. AI-Generated.

In the ever-evolving world of business, accurately predicting customer demand is a critical aspect of planning and decision-making. This is where the concept of demand forecasting comes into play. Understanding the definition of demand forecasting and its underlying principles is essential for businesses aiming to optimize their operations, reduce costs, and enhance customer satisfaction. This blog will delve into the concept of demand forecasting, its definition, and the importance it holds in the business landscape.