Title: The Importance of Product Demand Estimation and Forecasting for Business Success Knowing or estimating the product demand is crucial for a firm as it directly impacts the success and profitability of the business. Demand refers to the quantity of a product or service

Why is knowing (or estimating) the product demand so crucial for a firm? What are the differences between estimating and forecasting demand?
In your response, include an example of a business that has suffered from poorly forecasting the demand of its products. Evaluate how or why the business made such a mistake.