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Market Forecast Definition
Market forecast refers to an estimation of the probable future demand for the goods and services of a particular industry or product category for a specified timeframe. The forecast is derived from various data sources such as historical sales figures, consumer trends, economic indicators, and market research. It enables companies to identify potential opportunities and threats in the market and develop effective strategies to meet or exceed the demand. A reliable and accurate market forecast is crucial for businesses to plan their production, inventory, and pricing strategies, and to allocate their resources more efficiently. It is also important for investors to make informed business decisions based on market trends and forecasts.
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