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agree with answers, I would like to add in a few lines that sales forecast is the most important part of marketing strategy which leads and guide the general strategy of the organization, because
all departments and sections such as: production, finance, human resources, development, etc. ..depend heavily on the results of sales forecasting and begin to draw the plans and programs through this process ( sales forecasting ) for example : If the forecast demand for next year is two million piece of a particular product , production management will determine its needs of raw materials, the number of shifts etc. .. as well as financial management will determine its needs how much money to produce that quantity, and what are the appropriate sources of financing , the same thing for other departments
- Setting your goals
- Analyse previous performance
- What do you expect from the market? (Market demand, trends, competition, ...)
- Understand the variables (What will effect your market, what will change in your environment/ company,
- What will your company do? Campaigns, Promotions, New Products, Repricing, ,....
- Do you have sales outlets (Agents, distributors, ...)? If yes, what do you expect from them?
- Set up your expected sales (FORECASTING)
- Identify your needs such as extra sales force, sales tools (cars, leaflets, ...)
- Calculate the costs
Agree with all experts.
It has been explained expansively by M/S Bassam and Nasir
I believe mr. Kamran Anjum has provided a well defined and detailed explanation of what sales forecasting is about.
Sales forecast is a projection into the future of expecting demand given a stated set of environmental conditions
·Setting goals for forecasting
· Gathering data
· Data analysis
· Choose forecast best mode
· Forecast evaluate forecast
By Simple Way
Sales Forecasting it is the operation of sales predication which you have to prepare by accurate way for what we are planning vice verse to what happened at the past so we have to follow the below process:-
1- Study of Economic Variables Conditions
2- Market Trend
3- Competition Activities.
4- Market share Status
5- Analyzing Business Past performance
6- Creating Sales Forecasting
Good Day!!!
Sales forecasting is a process to predict or estimate expected sales trend over a given period of time (month, quarter or year). This comprises of a few critical reviews of history and planning to achieve the set targets with the help of:
ANALYSIS & SEGMENTATION of the trends of Product, its category and buying behavior of customer.
DESIGN new strategy after reviewing the last sales result vs last forecast & strategy.
ACTION steps for the implementation of strategy & contingency plans for the shortfall of budget, adding new activity & events
MONITORING of the forecast & strategy with an activity tracking plan.