When answering this question, highlight your analytical skills and experience with market research. Discuss specific strategies you use, such as analyzing historical sales data, monitoring industry trends, and using forecasting tools or software. Provide examples of how these strategies have successfully predicted demand in the past. For instance, you might say:
"To forecast demand for new products, I start by analyzing historical sales data of similar products to identify patterns and trends. I also keep a close eye on industry reports and market research to understand emerging trends. Additionally, I use forecasting software to model different scenarios and predict future demand. For example, when I was responsible for introducing a new line of eco-friendly products, I combined sales data analysis with insights from market research on sustainability trends. This approach helped me accurately forecast demand and make informed purchasing decisions, leading to a successful product launch."
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