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Method For Estimating Demand of Business Product

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19 views

Method For Estimating Demand of Business Product

s

Uploaded by

sanskriti
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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The National Industrial Classification Code ("NIC Code") is a statistical standard for creating and

maintaining a comparable data base for a wide range of economic activity. This code was created with
the goal of determining and analysing how each economic activity contributes to national wealth.

In their Press Note 4 (2014 series) issued June 26, 2014, the Department of Policy and Promotion
decided to transition from the NIC 1987 to the NIC 2008. Since then, all Indian businesses have been
advised to adhere to NIC 2008.

Method for estimating demand of business product -

In management economics, there are various demand estimation approaches that can help you
get a clear picture of what will happen to client demand levels in the future. Conducting a
survey, which frequently involves focus groups and direct interviews with clients, is one of the
most common procedures in demand estimating. Surveys are beneficial because they allow you
to gather information from your target market, who may tell you about their worries, hopes,
and future plans. Customers may tell you what they will do in the future, but events may swiftly
change those purchasing plans, so this strategy has certain limitations. When conducting
surveys, it's also challenging to gather a properly representative sample.
Regression analysis, in which a dependent variable, such as demand for a product or service, is
compared to an independent variable, such as pricing, is another common stage in demand
estimate. Regression analysis is a statistical technique for generating a comprehensive picture of
future customer demand based on a set of independent factors. Only the dependent variable
and one independent variable will be compared in a basic regression analysis model.
Comparisons between the dependent variable and many independent variables will be made in
a more complicated regression analysis model.

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