The signature T-shirts Company
Regression is defined as reverse or a return to a less developed state. Regression is also referred to as the relationship between the mean values of one variable and the corresponding values of the other variables. It also includes many other techniques for modeling and analyzing other several variables and especially when the focus is on the relationship between the dependent variable and one or more other independent variables. There are several examples of regression that have been included in the explanatory variables which include income, price of the good, prices of related goods and the geographical area.
Assume that you have been asked to forecast demand for your company's new product, signature t-shirts. What explanatory variables would you initially includes (and test) to forecast domestic sales?
What impact would you expect each of them to have on demand?
Would you include anything different if you were asked to forecast international sales? If so, what would be different? Why?