Sales Forecast
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One of the keys in creating a marketing budget is a proper forecast of sales. Discuss two ways of arriving at your forecast. Discuss the strengths and weaknesses of each method when using either a skimming or penetration price strategy.
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The response addresses the queries posted in 1018 words with references.
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The response addresses the queries posted in 1018 words with references.
//Before writing about the two methods of developing a sales forecast, it is essential to gain knowledge about the 'Budget'. One should know about the main aim of the budget, which further will assist in analyzing methods sales forecast, in an effective manner//
Introduction
Budget is an estimation of expenses which is expected within a definite time period. Marketing budget is the estimation of marketing expenditure to achieve expected sales during a specific period of time. Marketing budget is a plan for determining the expenses and income over a certain period of time in advance. Many business decisions regarding the raw material, scale of output, marketing network depend on sales forecasting. Success of the business depends on proper and correct decision making. By using marketing budget, we can take the right decision and ensure the success of the business. By preparing a marketing budget, we can easily specify the amount for marketing. Marketing budget depends on the business goals of the company. Expenditure on advertising and promotion depends on the estimation of future sales.
For the marketing budget, it is necessary to forecast the sales. Marketing budget depends on the estimate of the future sales. So, for a good marketing budget, it is essential to forecast the sales appropriately. Sales forecasting is estimating the sales on the basis of the past sales performance and by analyzing the information of expected market condition. Sales forecasting helps the company in evaluating the past and future sales levels of the company. Sales forecasting is the base of the company for preparing marketing budget. Accuracy of the marketing budget ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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