Anticipated demand is a demand quantity that a system covers for a time in advance, and it is the channel of a regular prediction that is increased by the total work days during this period, through which the system takes demand and the percentage that is being defined by the sales person. It is detailing the expected quantity of goods that the consumers are likely to buy or rather purchase. This paper is set to discuss anticipated demand about integrating business perspective to the prototype that we seek to commence at UTS since it displays the skeleton plan of the activities to be carried out. The prototype is very imperative since it unites all the students in campus and improves cohesion amid them.
This can only be predicted if we have the details of every consumer purchase that are within a period. Having the prior sales data, then through then calculation of the inventory turnover, we will be able to anticipate the product demand. Inventory comprises of the assets that business purchases or rather processes for generating its products and services. Also, inventory is known as stock or the trading stock (Wirtz, 2016 pg. 340). The management of stocks is imperative since it increases the sales by having the products that the clients want and selling your goods at the time which the consumers want to purchase them. Furthermore, it is also important because it decreases the costs of the business by not ordering products that you are not selling straight away and lowering the storage costs as well.
Several factors must be considered such as key partners. This is vital because several local businesses are surrounding the university and it is a prerequisite that we partner with them to ensure that our work is successful. Additionally, partnering with the university is also very imperative because they will provide the necessary resources that we need in our business to ensure that we achieve the set target. In addition, provided that there a good rapport with the students will enable us to meet the anticipated demand because of good customer affiliation and have personalized events that ensemble their welfares.
Moreover, it is important to consider the key resources in that area where the events will occur in the UTS. For instance, the venues that are around the UTS, technology that must be integrated since it redirects on the management’s buoyancy about the imminent order drift and the efforts in averting the possible stock bottleneck as demand rises. It is critical that we establish to the students or rather the students since they are the primary targets that we have the aptitude of supporting their demands (Alami, 2016 pg. 5). The channeling of the products is also essential in determining the anticipated demand since there is the creation of awareness to the customers. For instance the use of websites, social media, newsletters, posters and guerilla marketing. The student will be aware of the business activity and the prototype that is beneficial to them.
In a nutshell, several factors must be considered such as revenue stream, cost structure, essential resources, channels, value proposition, customer’s affiliation, and partners who can provide resources and funding to boost up your business, the key activities that are to be held during that day. In addition, understanding your inventory turnover is crucial because since it enables you to manage the costs and flow of cash of the business.