Successful Demand Forecasting Modeling Strategies for Increasing Small Retail Medical Supply Profitability

• Main Author: Watkins, Arica
• Format: Others
• Language: en
• Published: ScholarWorks 2019
• Subjects: Demand; Forecasting; Business; Finance and Financial Management; Health and Medical Administration
• Online Access: https://scholarworks.waldenu.edu/dissertations/7576; https://scholarworks.waldenu.edu/cgi/viewcontent.cgi?article=8848&context=dissertations

The lack of effective demand forecasting strategies can result in imprecise inventory replenishment, inventory overstock, and unused inventory. The purpose of this single case study was to explore successful demand forecasting strategies that leaders of a small, retail, medical supply business used to increase profitability. The conceptual framework for this study was Winters's forecasting demand approach. Data were collected from semistructured, face-to-face interviews with 8 business leaders of a private, small, retail, medical supply business in the southeastern United States and the review of company artifacts. Yin's 5-step qualitative data analysis process of compiling, disassembling, reassembling, interpreting, and concluding was applied. Key themes that emerged from data analysis included understanding sales trends, inventory management with pricing, and seasonality. The findings of this study might contribute to positive social change by encouraging leaders of medical supply businesses to apply demand forecasting strategies that may lead to benefits for medically underserved citizens in need of accessible and abundant medical supplies.