22 Mar Unit 4 discussion response_MT433
13326Elaborate or respond to the discussion post below:
Forecasting is the systematic process of making educated predictions and projections about any upcoming market conditions (Radford University, 2023), such as demand and supply situations. There are two types of forecasting, qualitative and quantitative, these two methods represent the approach that incorporates inputs from finance professionals and long-term projections and relies on statistical analysis. It will help a business go toward a big success when the forecasting is accurate, on the other hand, it can hurt the business big time when it goes wrong.
In December 2011, Best Buy had no choice but to admit they had problems delivering customers’ orders due to poor predictions and preparations. (Asset Panda, 2024) Best Buy’s statement stated “Due to the overwhelming demand of hot product offerings on BestBuy.com during the November and December period, we have encountered a situation that has affected the redemption of some of our customers’ online orders. We are very sorry for the inconvenience this has caused, and we have notified the affected customers.” Customers were pissed when Best Buy had to cancel a lot of the orders instead of back ordering, the reason is that they were out of stock and had no idea when the inventory will be back.
This situation shows Best Buy’s poor forecasting, they underestimated the demand for the holiday season, which shouldn’t be happening, in addition, the retailer essentially cast a wide net and collected as many orders without setting a limit. At that time, online business was only started for a short period, I think Best Buy didn’t have enough experience managing orders and demands from both in-store and online.
The way Best Buy dealt with this situation was to cancel the orders, this action not only disappointed the customers but also pushed them away for good.
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