GK
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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Includes distribution strategy, effective sales force, increased promotion, 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: -The simplest formula to use is: sales forecast = the previous period’s sales + estimated growth (or shrinkage) in sales for the next period.
Detailed explanation-2: -A sales forecast is an estimation of sales volume that a company can expect to attain within the plan period. A sales forecast is not just a sales predicting. It is the act of matching opportunities with the marketing efforts.
Detailed explanation-3: -What is Top-Down Forecasting? Top-down forecasting is a method of estimating a company’s future performance by starting with high-level market data and working “down” to revenue. This approach starts with the big picture and then narrows in on a specific company.
Detailed explanation-4: -Determine Projected Beginning Inventory Value. We know that actual ending inventory value of previous year will become the beginning inventory. Add the Value of All Projected Inventory Purchase. Add Projected Direct Expenses. Deduct Projected Ending Inventory Value.