This document discusses retail sales forecasting concepts and issues. Retail sales forecasting involves analyzing historic outlet data to predict future sales trends. The purpose is to accurately forecast product demand to inform purchasing, production, logistics, finance, and marketing. A sales forecast typically estimates volume for a specific time period like weeks, seasons, or years. Creating an accurate forecast requires considering consumer tastes, market size, spending patterns, economic conditions, sales potential, and competitors' strategies. Key issues that impact forecasts are sales trends, seasonality, weather, and calendar effects of holidays.

1. RETAIL SALES FORECASTING :
CONCEPT AND ISSUES
By Pritam Das
Roll- 12DM006
Sec-A

2. This is a method of analyzing the future trends in a retail outlet
depending upon the historic data of the outlet.
Its purpose is to as accurately, as possible to predict what quantity of
goods will be sold .
A forecast works as a management control system .
Forecasts are one instrument for management as they attempt to
decrease the role of chance when dealing with its environment.
The sales forecast sets a believed future sales volume, which gives
indicators to the purchasing, the production, the logistical, the financial
and the marketing function of an organization.

3. CONTINUED
A sales forecast is usually made for a specific period of
time, this may be weeks or a season or a year.
The person who is to make forecasts for the product
group or category needs to be aware of --
>>The changes in tastes and attitudes of consumers
>>The size of the target market
>>And the changes in their spending pattern

4. PROCESS OF RETAIL SALE FORECAST
1
• Reviewing past sales
• Analyzing the changes in economic
2 conditions
• Analyzing the changes in the sales
3 potential
• Analyzing the changes in the marketing strategies of
4 the retail organization and the competition
5
• Creating the sales forecast

5. ISSUES EFFECTING REATIL SALES FORECASTING
Trends- In the retail industry which is in focus in this essay
trends and seasonality are of huge importance when it
comes to forecasting sales.
Weather- Weather is an unpredictable variable but still very
important for the retail industry.
Calendar effect- The calendar effect involves when public
holidays appear throughout the year and what effect it has
on sales dependent on what day of the week it occurs.