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What theoretical factors should it take into consideration when forecasting the demand for its own goods and what empirical difficulties it may face in estimating it?

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B.M. is a newly established firm that wants to enter the market for hair dryers.
According to Bayus (1993: 1320) it is crucial for a firm to have three kind of information to be able to plan its production: ?demand, price and production costs? . In this essay, we focus on demand for the new established firm B.M's hair dryers.
Demand is ?a general term describing the behavior of buyers and potential buyers of a good? (Fischer, Dornbursch and Schmalensee, 1988: 42) while the ?quantity demanded of a good is the amount that buyers would actually be willing and able to pay if it were available in some period? (Fischer, Dornbursch and Schmalensee, 1988: 42). We thus have to make a distinction between the quantity demanded and the quantity actually bought.

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