2.2.1 SALES FORECASTING

Question 1

sales forecast

Answer 1

prediction of future sales revenue based on historical data and market trends

Question 2

strong pound

Answer 2

when the great British pound is stronger than a different currency

Question 3

weak pound

Answer 3

when the great British pound is weaker than a different currency

Question 4

benefits of sales forecasting

Answer 4

• help businesses plan ahead
• provide benchmarks for setting sales targets and revenue goals
• assist in financial planning, budgeting, and cash flow management
• enable businesses to identify risks

Question 5

drawbacks of sales forecasting

Answer 5

• not always accurate
• may become overly reliant
• inaccurate forecasting
• requires time, resources, and expertise

Question 6

limitations of sales forecasting

Answer 6

• data inaccuracy
• unforeseen events
• external factors
• unpredictable markets