This week we covered demand analysis and elasticity. According to our readings this week, demand analysis helps organizations predict customer demand for specific goods and services. Firms need demand estimation skills to survive. They can make better business strategy judgments if they know product demand. Pricing and production should be considered. If they don't have these insights, firms might go bankrupt by manufacturing more than consumers want or charging too much. Estimating examines relationships that affect product demand. Forecasting is an overview without mathematics or computations. A beach ice cream business may have fewer sales due to inclement weather. Weather might be estimated to effect everyday sales. Forecasting may show that summer sales are higher than winter sales. I always liked cameras, so Kodak was the first brand that miscalculated demand. Kodak underestimated digital photography demand while focusing on film. Even though digital photography was becoming more popular, Kodak adhered to film. This bankrupted Kodak