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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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: -Sales forecasting allows companies to efficiently allocate resources for future growth and manage its cash flow. Sales forecasting also helps businesses to estimate their costs and revenue accurately based on which they are able to predict their short-term and long-term performance.
Detailed explanation-2: -Sales forecasts estimate future sales volumes over a specified period of time, and they are essential to tracking and managing performance. Despite the natural instinct to out-perform, staying on plan is critical.
Detailed explanation-3: -A sales forecast is an estimate of what a company will sell in a week, month, quarter or year. It’s used to predict future revenue, accounting for the number of units an individual, team or company is likely to sell over a set period.
Detailed explanation-4: -Sales forecasting is the process of estimating future revenue by predicting the amount of product or services a sales unit (which can be an individual salesperson, a sales team, or a company) will sell in the next week, month, quarter, or year.