Final answer:
To determine the forecasted demand for the product by Hickory Manufacturing Company over the next 5 years, the company can use various forecasting methods such as time series analysis, regression analysis, or market research. These methods consider historical demand data, market trends, and other relevant factors to estimate future demand.
Step-by-step explanation:
The question asks about the forecasted demand for the product by Hickory Manufacturing Company over the next 5 years, measured in thousands of units. To determine the forecasted demand, the company can use various forecasting methods such as time series analysis, regression analysis, or market research. These methods consider historical demand data, market trends, and other relevant factors to estimate future demand.
For example, the company can analyze past sales data and market trends to identify patterns and make predictions about future demand. They can also conduct market research to gather information on customer preferences, competitor strategies, and economic factors that can impact demand.
By using appropriate forecasting methods, Hickory Manufacturing Company can generate a forecast for the product's demand over the next 5 years, measured in thousands of units.