Question

What could be some examples a clothing business could use forecasting in the following categories: -Technological forecasts-rates of technological change

-economic forecasts-predicting changes of business cycles

-business forecasts-predicting demand

Thank you in advance!

Answer 1

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Technological Forecast:

Running a clothing business is a very effective business in the current scenario as it is having a great scope in the future as well. Here technology plays an important role in helping the business to increase there sales and profits. With the efficient use of technology, clothing business can enhance their business and can in touch with as many customers as possible. Technological change helps the business to grow its sales without compromising the cost of making the product. In other words, the cost of making the input is the same but the output increase with the help of efficient use of technology. Technological change can be achieved if you are providing creative products, innovative products, reasonable products to your customers and it will definitely help you in increasing your business. Example X company was selling 500 pieces of products in a month and with the efficient use of technology now they are selling 1500 pieces of their product in a month.

Economic Forecast:

Predicting change of business cycle will lead to disturbance in the ongoing business. The business cycle includes the working hours of manufacturing, the number of goods sold, stock price, etc and if these things are not done properly on a daily basis. Change in this work will lead to a change in the business cycle as you cannot compromise your daily work with any unnecessary changes.

For example company, x is manufacturing goods on a daily basis and selling it to the suppliers daily. And you cannot Siya unnecessary change in your working process which will affect your business. You want every worker to work according to their given hours and products should be ready for delivery every day.

Business Forecast:

The demand for the product can be predicted after seeing a sudden increase in the sale of the product. If your product is sold regularly in bulk then automatically you can predict the demand for that product. In this order, it will help you to capture the market by preparing yourself for the future as if you will be prepared then you will going to capture your customer's attraction with your effective products. For example: If Company XYZ is having a business clothing and they have shirts and t-shirts in their business and the sea they are having a sudden increase in their sales of this product then and they try to capture the market by ordering the same product in a bulk according to their choice and according to customers demand.