What is a Demand Forecasting Assignment Help Demand Forecasting
Over the last few years, the revenues for Hard Rock have been gradually increasing, due to expansions into more regions (Hard Rock Caf Annual Report, 2018). HRC’s reputation for live-band entertainment has fostered a need to create brand rotations across the different branches. As such, the Cafe will not only focus on rock and roll music, but other genres as well. One of the main factors considered for HRC’s demand forecasting is changing customer expectations. Today, the customer is playing a more active role in the running of the business. Since their needs and expectations keep constantly changing, there is a need to put a more strategic focus on their satisfaction. Another factor affecting demands forecasts is the rapid incorporation of technologies in the hotel industry. The increase in online reservations and social media engagements with the customers has increased demand for HRC’s services. However, between late 2019 and 2021, there was a significant decline in revenues for HRC, due to the onset of the Covid-19 pandemic. As an organization in the tourism and hotel sector, the restrictions in travelling and crowd gatherings led to a decline in such services as live performances across the various HRC branches. However, due to the distribution of the Covid-19 vaccines, the revenues are likely to increase in 2022 as regular services resume operations.
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What is a Demand Forecasting
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Channel Management
Several factors affect the performance of the distribution channels adopted by HRS, including competition, technological advancements, and changing customer demands and expectations.
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