The shoe company that I was recently hired is working on next year's sales forecast for its line of women's casual shoes. The company has been in the shoe manufacturing and sales business for over 35 years and sells shoes through a chain of stores located throughout three market areas, the Northeast (New England, New York), Upper Mid-West (Ohio, Illinois, Michigan), as well as a new market area in the Southeast U.S. (Georgia, South Carolina, Florida). The senior management and the sales staff are experienced, however about 15 percent of the company sales came from the new Southeast sales district last year, and the company only has last years sales figures for this area. The company is also considering modifying 2 of its 8 different women's shoe styles for next year, with modifications in color and shape.
The Marketing Director of the company has asked for my recommendations on what techniques should be used to prepare next year's sales forecast for all three market areas. I need to recommend three different techniques the company could use or some combination of techniques. Briefly describe how the company should conduct the forecast (who might be involved, basic types of data needed) and why I think the techniques I recommended would be effective. Being as new as I am I don't have a clue.
This posting provides forecasting techniques that should be used to prepare forecast for different market areas