3.3.1 Quantitative Sales Forecasting Flashcards
1
Q
Define quantitative sales forecasting
A
A statistical technique which uses data to make predictions about future sales
2
Q
What will a business do with QSF information?
A
- organise production
- organise resources (staff, raw materials)
- organise marketing
3
Q
What are the limitations of QSF?
A
- past performance is no guarantee of the future
- business should not solely rely on QSF, they should also use SWOT and PESTLE
- change can happen rapidly and suddenly
- time consuming
