BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A firm estimates the total market and then estimates their share of that market to determine a sales forecast of a particular product
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The distribution strategy, effective sales force, increased promotion, and different prices.
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Include a budget for sales/revenues, identifying new marketing strategies, setting a sales quotas for sales staff, etc
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All of the above
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Detailed explanation-1: -Sales Forecasting Factors Also important is any market growth, consumer purchasing power and political events that may affect existing government contracts or consumer purchases. Other important factors are the company’s inventory, pricing and credit policies, and distribution and sales promotions.
Detailed explanation-2: -The more competitors and product alternatives are present in the market, the harder the demand forecasting becomes. The competition level contains sub-factors, such as the number of alternative products and competitors. The price of goods is also a factor affecting forecasting.
Detailed explanation-3: -Lack of Sales History – new businesses or start-ups may find it difficult to forecast sales as sales forecasting models often rely on historical data to predict future sales. Some techniques require a minimum of 2 years of data to provide an accurate forecast.