3 Demand Forecasting

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Demand Forecasting

The next step in an RM process is forecasting demand and pricing of the different market segments.

Pricing and demand are inter-related and need to be coordinated. In the hotel industry, demand for a room is cyclic in nature (day of a week, months of a year) and follows a trend (demand growth due to economic growth).

These forecasts are seldom precise but provide the decision-maker with an approximate set of inputs that are used in the planning process. RM models help pinpoint demand by minimizing uncertainty and producing the best possible forecast.

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