30 Sales forecasts

Question 1

Define sales forecast

Answer 1

sales forecast is the prediction of future sales often based on previous sales data.

Question 2

Define consumer income

Answer 2

consumer income is the amount of income remaining after taxes and expenses have been deducted from wages.

Question 3

Define economic growth

Answer 3

economic growth is the rise of output of an economy as measured by the growth in GDP usually as a percentage.

Question 4

Define forecasting

Answer 4

forecasting is a business process, assessing the probable outcome using assumptions about the future.

Question 5

Define time series data

Answer 5

time series data is a method that allows a business to predict future levels from past figures.

Question 6

Define consumer trends

Answer 6

consumer trends are the habits or behaviours of consumers that determine the goods/services they buy.

Question 7

Define economic variables and give examples

Answer 7

economic variables are measures within the economy which have effects on businesses and consumer.

exchange rates, inflation, taxes, unemployment

Question 8

Define competition

Answer 8

competition is the rivalry that exists between businesses in a market.

Question 9

Define extrapolation

Answer 9

extrapolation is forecasting future trends based on past data.