Methods of Sales Forecasting:
Following are the methods of sales forecasting:
Salesforce opinion: This method is tackling by the sales department. They initiate the process of high sales and high profit by adapting various techniques to survive and succeed in the market; they go with the trends presented in the market and adapt to changes accordingly. The advantage of this method is that salesperson or an intermediary has the depth of knowledge about the customer to sell their products directly to the customer easily. Moreover, they coordinate the sales forecast by dividing it into smaller parts based on the particular commodity, which carried forward the easy way for the departments to achieve their assigned target. A Jury of Executive Opinion: This method applies in every organization and very simple method too, which is economical so that every marketer can use this method. There is no enormous and well-defined collection of data is needed for this method. The sales department executives are responsible for sales forecasting whereas they must have the qualification, knowledge, and experience. Consumer’s Buying Plan: This method is the first-hand copy for the marketers, which is true. The marketer creates a questionnaire and surveys the live market, gives that questionnaire to the customer or consumer, and gets feedback with the help of the survey. But this is not reliable in nature because the collected data is very random. Therefore, this will not give an accurate answer to what demand is needed in the market, and find target customers and actual buyers are also very difficult. Test Marketing Result: This method is time-consuming and costly but taking a step is reliable because the decisions of sales forecasting are already taken. Based on that decision, the product launch is to be done.
Here the result is pre-determined; therefore, the result could get very much positive. However, the sales forecast is done by the testing result, which is 100% true. Expert Opinion: This method involves experts like business consultants, business experts, and highly experienced professionals working in core profiles. This method is inexpensive and time-consuming, which means quick decisions are made. However, this method is not reliable because the sales forecast is completely depending upon the expert’s opinion and knowledge of the person. Market Factor Analysis: Here, some statistical methods such as regression and correlation analysis the marketing factors. This gives accurate answers in metrics, mostly the analysis is mostly based on the past data and present data. The principle of marketing study includes this sales forecasting method. Historical Method: The company keeps recording of all the past data, which helps for the future prediction analysis; this process is called the historical method in sales forecasting. And this will give the result very fast and completely accurate because previous sales data and that situation are most probably similar with the present situation and future as well just the trend is changing. Hence the addition and subtraction of the cost of sales depend on the conditions. Statistical Method: There are various products involved in selling, such as slow-moving products, mature products, and new products. Each product category is different, however the sales forecasting is differentiated according to the categories. Hence the use of statistical methods also gives a different range of metrics accordingly. Therefore, various methods are used, such as the graphical, trend, time-series, etc. Econometric Model Building: This method is placed under the subject of Math’s, whereas it determines what all are the factors affecting by creating sales forecasts. And this method is used to find out the relationship between marketing factors.
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