Title: Explain the nature of sales forecasts.
Course: Strategic Marketing (12152) > Section: Managing Marketing Information

Explanation should include how sales are projected and the purposes/uses of forecasts, such as

- developing merchandise budgets
- analyzing the market
- determining market share
- developing promotional budgets
- altering the marketing mix
- projecting sales
- examining past sales
- examining economic and business conditions
- identifying competitor’s strategies
- determining future need.

Process/Skill Questions:

- What is the relationship between company goals and sales forecasting?
- What factors should be considered when forecasting sales?
- Why is it important to compare a company’s sales forecast to the projected industry figures for companies selling similar products/services?
- How are past sales figures used in sales forecasting?
- How can you use competitor’s strategy in your sales forecasting?
- Why is it important to analyze the market before forecasting sales?