2.?

Question 1

what is a sales forecast?

Answer 1

a method of predicting future sales using statistical methods

Question 2

what are real incomes?

Answer 2

changes in household incomes after allowing for changes in prices
eg percentage of change in household

Question 3

what is income?

Answer 3

inflation = real income

Question 4

what are trends?

Answer 4

the general path that a series of values (eg sales) follows overtime, disregarding variations or random fluctuations

Question 5

what are factors affecting sales forecasting?

Answer 5

-consumer trends,
—>medium to long term, changing tastes & habits, demographics, globalisation, affluence
-economic variables,
—>mostly depend on changes in consumers real incomes as factors that will affect these are: sharp fall in the £, rise in taxation, inflation, however there are always expectations to the rule
-actions of competitors,
—>marketing, launching of new products, change in strategy, legal action