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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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: -The price level, national income, profit rates, interest rates, and rental rates all help to decide the first market potential and later the sales forecast. The economic conditions regarding the same industry or trade and hence business.
Detailed explanation-2: -Some of the most common factors affecting sales, and thus should be taken into account when creating the forecast include: Marketing spend. Budget allocation. Economic conditions.
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.
Detailed explanation-4: -A sales forecast helps every business make better business decisions. It helps in overall business planning, budgeting, and risk management. Sales forecasting allows companies to efficiently allocate resources for future growth and manage its cash flow.