Unit 30 - Sales Forecasting KW

Question 1

Purpose of sales forecasts

Answer 1

To assess probable outcomes using assumptions about the future

Question 2

Factors affecting sales forecasts

Answer 2

Consumer trends 
Economic variables 
Actions of competitors 
(Seasonal variations)
(Fashion)
(Long-term trends)

Question 3

Advantages of sales forecasting

Answer 3

Helps with cash flow forecast
Plans orders of suppliers
Correct staffing level
Ensure that it has the correct staffing

Question 4

Difficulties of sales forecasting

Answer 4

Consumer tastes and preferences can change
Guessed
Based on old information
Might not have that information