A Novel Model for Product Demand Forecasting
Overview
The rapidly growing smartphone market has intensified competition among platforms. This project aims to answer two key questions:
What are the adoption trends for smartphones? How can we estimate the demand for new smartphones?
Lack of proper planning is a major factor in the failure of small businesses, as noted by Business Know-How. When launching a new product, companies are particularly vulnerable if they do not follow a well-structured plan. Conducting due diligence before manufacturing and marketing a new product is crucial to determine if it is a wise business decision.
Aim
The goal of this project is to develop a real-time application using Full Stack Development technologies that helps companies forecast demand for new products.
Objectives
Develop a Product Demand Forecasting System: The proposed system will forecast demand for new products. Real-Time Application: The system will operate in real-time, providing up-to-date insights. User-Friendly Platform: Companies will have an easy-to-use platform to understand product demand. Automated Solution: The system automates the process, enhancing business profitability and customer satisfaction.
Advantages
Efficient Decision-Making: The system supports companies in making informed decisions. Eliminates Manual Work: Automation reduces the need for manual processes. Enhances Company Standards: By improving accuracy and reducing risks, the system boosts overall business standards. Increases Profits: It helps in minimizing losses and maximizing profits by aligning production with demand. Optimizes Product Offerings: Companies can focus on increasing the availability of high-demand products.
Installation is simple just, download the zip file, extract it and open the productDemandForecasting.sln file if you have microsoft visual studio installed, after this you are good to go and use the software.