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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To budget for sales/revenues, to identify new marketing strategies, to set a sales quotas for sales staff, etc
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All of the above
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Detailed explanation-1: -Forecasting on the other hand is an estimate of how much will be sold over the set period of time. In other words, the sales budget process shows the direction your company would like to go in and the forecast indicates how likely you are to arrive there on time.
Detailed explanation-2: -Sales forecasts help make informed decisions about everything from staffing and inventory to new product lines and potential marketing efforts. Sales forecasting allows sales managers and reps to spot potential issues and gives you time to avoid or alleviate them.
Detailed explanation-3: -Sales quotas play an important role in helping forecast sales and monitoring rep activity. Furthermore, they also motivate and set expectations for sales reps to hit a specific level of activity. Managers are also able to indirectly benefit through the use of sales quotas and strategies.
Detailed explanation-4: -These events will almost always affect your number of sales. Sales forecasts allow business owners to plan out their much-needed requirements such as their raw materials, workforce, budget, and other logistics-related needs.