Answer to Question #155884 in Management for Prabhdeep

Question

Discuss factors affecting sales forecasting ?(please answer in 100 to 150 words)

Answer 1

There are factors that need to be considered in order to make an accurate sales forecast. These factors that highly influence the prediction of a company’s sales in the market include the general economic condition of the company as well as the consumers of their products. Secondly, the company needs to consider the quality and the type of products the consumers want from them and how the trends are changing (Gupta, 2013). Since similar products that are manufactured by different companies are full in the market, the company needs to consider the industrial behaviors which include pricing and the designs of the products. Finally, for an accurate sales forecast, a company needs to consider the period of time in which the information is to be collected: short, medium or long term sales forecasts.

 

References

Gupta, A. (2013). Sales forecasting & market potential: best practices in India. International Journal of Advanced Marketing and Research, 1(1), 1-7.