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they are all related, we forecast sales, and based on that we plan sales to achieve the goals set
Demand Forecasting and Sales Forecasting are different, and the results of each can have a dramatic impact on your profitability. Demand Forecasting and Sales Forecasting should be calculated with some similar and some different data points. While closely related, the two resulting forecast numbers will not be the same in most business situations. The forecast results will impact the inventory replenishment by impacting available inventory, expected inventory orders, and sales. An inventory replenishment system that is based on a demand forecast (demand driven) can reduce the risk of lost sales while improving service. This in turn delivers higher sales by connecting inventory levels with demand forecast
A sales forecast should be viewed as an estimate of what future sales might be, given certain environmental conditions. A sales plan should be seen as a management decision or commitment to what the company will do during the planning period. A sales goal should be a target that everyone in the organization strives to attain and exceed.
Sales forecasts are estimates or projection of achievable sales revenue for a specific future period. It is based on historical sales data, analysis of market surveys & trends and knowledgeable estimates.
It is also called sales budget and it forms the ‘basis of a sales plan’ because the level of sales revenue affects practically every aspect of a business.
The sales forecast establishes the level of activity used in all the other forecasts and budgets for the business. If your sales forecast varies wildly from your actual results, your cash flow and profitability forecasts will similarly be inaccurate.
Forecasts & budgets should be regularly updated according to changing market conditions.
A sales plan contains an assessment of current sales for a product, a statement of sales objectives, strategies for achieving the stated sales objectives, and resources available for achieving this goal.
Goal setting is the segmentation of plan into smaller parts such as profit margins, revenue targets, advertising, distribution partners and targeted demographicsSales plan is based on sales forecast. And then sales plan is broken down into goals to achive the desired results.
In simple words, following is the inter-relationship and sequence:
1st step is forecasting the sales
2nd step is preparing a sales plan
3rd step is setting goals to achieve sales plan
Sales forecast are the projections, means the expectations based on historical relations in consideration to others products exists by competitors,
Sales Planning is a plan how to launch the product in the market, what sources and techniques we will use to introduce it.
Goal setting is an ideal target on which a missile launed or on which the Company have to run the business, without the goal setting, the organization looks blind.
However, Sales forecast and Planning we make by looking our goals and goals we make by looking our sales forecast and Business Plans.
Sales Forecasting is fore casting the sales for the future on the bais of current market & other aspect
Sales planning is how to attain the forecasted sales
Goal setting is what are the things we have to do & how we can to achive the aim
All the items are related to planning. First, you begin with setting the goal as part of strategic planning, then you move to short term planning and set the sales planning and finally you use forecasting as a toll for sales planning.
sales forecasting, sales planning and goal setting
1. sales forecasting means preplanned the activiteis in sales for the future refference,because in this competitive market scenarion nothing will be done without any preplanned acivities thus sales forecasting is an important business endeavour.
2.sales planning: in sales planning we have to select what ,wher ,when ,which methods are used to attein the target and also what are the sales promotion activities that we must to do in the process of sales planning.
3.goal setting: we can analyse the current market and understanding the customer we can create some innovative feature of product promotion on that basis we set some rules and proceedures and stanadards to accomplish some targeted results these all are settled in this time.
Sales forecasting is one of the inputs to sales planning and goal setting is an outcome from the sales plan.
How much will we sell( Forecasting )How will we sell(Sales planning )What is the purpose of sale Goal
Sales forecast are the projections, means the expectations based on historical relations in consideration to others products exists by competitors,
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