The document discusses various methods for sales forecasting. It describes 8 steps in the sales forecasting process: 1) deciding basic issues; 2) identifying important factors; 3) selecting suitable methods; 4) deciding length; 5) preliminary sales forecast; 6) final sales forecast; 7) making operational program; 8) evaluation and revision. It then explains 8 different methods for sales forecasting: executive opinion, experts opinion, sales force opinion, Delphi method, user's expectation, economic indicators analysis, past sales projection, and market test. Statistical methods like trends projection and regression analysis are also mentioned.
Sales Forecasting is the process of estimating future sales. Sales forecasts enable companies to make business decisions and predict short-term and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons and economic trends.
Sales Forecasting
Sales forecasting is the process of a company predicting what its future sales will be. This forecast is done for a particular period of time in the near future, usually the next fiscal year. Accurate sales forecasting enables a company to make informed business decisions. Sales forecasting is easier for established companies that have been operating for a few years than for newer companies. Established companies have years of sales records and can base their forecasts on that past sales data. Newly founded companies have to base their forecasts on less verified information, such as market research and competition analysis to forecast their future business.
Why is Sales Forecasting important?
Sales Forecasting gives insight on whether a company should expand, information about cash flow, and the ability to effectively manage its resources. Without forecasting, a company would be unsure of what inventory level to maintain, unsure on how it should allocate resources across the company, and it would have a hard time predicting future success. Forecasting sales is a crucial business practice, because in addition to helping a company allocate its internal resources effectively, having this data is important for acquiring investment capital. Often, investors want to know what a company’s future expected sales are before making an investment.
Sales Forecasting is the process of estimating future sales. Sales forecasts enable companies to make business decisions and predict short-term and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons and economic trends.
Sales Forecasting
Sales forecasting is the process of a company predicting what its future sales will be. This forecast is done for a particular period of time in the near future, usually the next fiscal year. Accurate sales forecasting enables a company to make informed business decisions. Sales forecasting is easier for established companies that have been operating for a few years than for newer companies. Established companies have years of sales records and can base their forecasts on that past sales data. Newly founded companies have to base their forecasts on less verified information, such as market research and competition analysis to forecast their future business.
Why is Sales Forecasting important?
Sales Forecasting gives insight on whether a company should expand, information about cash flow, and the ability to effectively manage its resources. Without forecasting, a company would be unsure of what inventory level to maintain, unsure on how it should allocate resources across the company, and it would have a hard time predicting future success. Forecasting sales is a crucial business practice, because in addition to helping a company allocate its internal resources effectively, having this data is important for acquiring investment capital. Often, investors want to know what a company’s future expected sales are before making an investment.
logical study about the market plan, the course of action to be taken. It related with the market aspects of the project in terms of satisfying the customer need
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A complte sales strategy and sales management for the Startups helps in building a good organisation.
Please contact for more info at : PRAVEEN22Y@GMAIL.COM
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
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Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
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A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2. 2
It is the expected level of company
sales
Based on chosen marketing plan
Assumed environmental conditions
It is prediction of future sales potential
By Philip Kotler
DEFINITION
4. 4
Period
Geographical market area
Availability of Time and Finance
Single product or full product
line
Step:- 1 – Deciding Basic
Issues
5. 5
Step:- 2 - Identifying Important
Factors
Level of competition
Economic conditions
Marketing strategy
Promotion budget
Stage of product life cycle
Government policies
6. 6
Step:- 3 - Selecting Suitable
Methods
Nature of product
Available finance
Available time
Experience
Caliber of sales executive
7. 7
Step:- 4 - Deciding
Length
Short term:- less than 1 year
Medium term:- 1 year to 5
years
Long term:- more than 5 years
8. 8
Step:- 5 – Preliminary Sales
Forecast
Data collection
Data analysis
Experience of sales staff
Growth trends in sales
9. 9
Step:- 6 – Final Sales
Forecast
Preliminary sales forecast
are presented before top
management
After approval of top
management , Preliminary
sales forecast become final
sale forecast
10. 10
Step:- 7 – Making operational
program
Determination of production level
Determination of sales budget
Determination of sales quota
Determination of sales territories
11. 11
Step:- 8 – Evaluation &
Revision
Actual sales are compared
with estimated sales
If considerable difference
then reasons are to be
identified
Corrective steps to be taken
13. 13
Method:- 1- Executive Opinion
Method
A committee of top executives
Each member gives estimate of
future sales for a particular period
Estimate is based on information,
judgment & experience
Collective decision is taken after
discussion
14. 14
Method:- 2 – Experts opinion
Method
Outside experts
They have best knowledge of market
condition taste and preferences of
target, level of competition
They may be technical consultant
distributors, market research firms,
advertising agencies, person working in
media, wholesalers, retailers etc.
15. 15
Method:- 3 – Sales Force Opinion
Method
Opinion of salesmen & sales manager
Each salesmen gives estimate of sales
of his sales territory
For a particular time
Then individual estimates are combined
Hence sale forecast of whole
organization made
16. 16
Method:- 4 – Delphi Method
Extension of expert opinion method
Widely used in USA
No committee/ panel is formed
Opinion of sales expert are presented
before other sales expert in a chain
manner
Last sale expert forms final opinion
about sales forecast
17. 17
Method:- 5 – User’s Expectation
Method
It is also known as survey of
customers method
Contact to user of product
Asked them to give their
estimated purchased in estimated
time
Total of all users data is our
estimates sales
19. 19
Method:- 6 - Past Sales Projection
Method
Past sale of immediate previous years is
taken as base
Average sale of past few years may also be
taken as base
Certain percentage is added keeping in view:
1. Growth trends
2. Future changes in marketing mix
3. Level of competition
20. 20
Method:- 7 – Market Test
Method
Particular area of market is select
for test
Companies product is launched
there
Sales in test is recorded for
particular area of time
It is multiplied to the whole market
area
