sales forecasting Flashcards
1
Q
what is sales forecasting?
A
the prediction of future sales using past data
2
Q
what factors affect sales forecasts?
A
- consumer trends
- economic variables (inflation, unemployment, exchange rates, economic growth, interest rates)
- actions of competitors
3
Q
what are some difficulties of sales forecasts?
A
- past data can only make predictions
- external factors can affect accuracy and reliability
- can be biased or rushed
- certain businesses may struggle to forecast
