BANIGO Rogers
Department of Marketing, Faculty of Administration and Management,
Rivers State University Nkpolu-Oroworukwo, Port Harcourt
DIDIA James U. D.
Department of Marketing, Faculty of Administration and Management,
Rivers State University Nkpolu-Oroworukwo, Port Harcourt
Abstract
This study investigated the relationship between demand forecasting and performance of corporate chain stores in South-South, Nigeria. The study was conceptualized with demand forecasting as predictor of organizational performance which is measured through inventory turnover rate, order fulfilment rates and cost savings. The study adopted a correlational research design. The population of the study comprised 70 corporate chain stores. The entire population was surveyed. 2 two copies of structured questionnaire were administered to the operations manager and procurement/logistics manager from each of the 70 corporate chain stores, bringing the total number of respondents to 140. The reliability of the instrument was ascertained using Cronbach Alpha test with all the items scoring above 0.70. Pearson’s Product Moment relationship was used to test the hypotheses formulated for the study with the help of Statistical Packages for Social Sciences Version 25.0. The study found that demand forecasting has positive and statistically significant correlations with inventory turnover ratio, order fulfilment rates, and cost savings. Based on these findings, the study concluded that demand forecasting significantly relates to organizational of corporate chain stores in South-South, Nigeria; and recommends that managers of corporate chain stores in South-South, Nigeria should integrate advanced demand forecasting techniques, including using machine learning algorithms and advanced statistical methods to predict demand more accurately to improve their performance in terms of inventory turnover ratio, order fulfilment rates and cost savings.
Keywords: Corporate chain stores, cost savings, demand forecasting, inventory turnover ratio, order fulfilment rates, organizational performance.