Briefly describe demand management and three tools companies can use for demand management.
Sample Solution
Demand management is the practice of proactively managing consumer demand for products and services to maximize efficiency, reduce costs, and improve customer relationships. It involves assessing current demand levels and anticipating future trends in order to anticipate changes in the market. This is done by analyzing data from past sales cycles in order to identify patterns that could indicate future needs or demands. By understanding these patterns, companies are able to adjust their operations accordingly in order to better meet consumer needs and mitigate risks associated with potential shortages.