Sales forecasting, an Introduction:

     Forecasts are the raw material of planning.  For most businesses, the sales forecast is the first step.  It can be the basis for developing plans to run the business and plan future strategy.  If sales can be reasonably anticipated, costs and inventory can be controlled, and customer service enhanced.  Sales estimates provide this help.

 

    Even if much of the content in this paper is familiar, a review will probably provide additional information that is helpful in learning about forecasting strategy and tactics.  In recent years sales forecasting has become an important business endeavor.  It is essential that company personnel and small business owners understand forecasting methodology.

 

     Forecasts can be classified in several ways:  by purpose, as either operational or strategic; by type, as quantitative (statistical) or qualitative (judgment); or by method, that is, by forecasting technique.

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Work Out What Information You Need Before You Start

Market research is no different from any other research project. To be successful, your research project needs a clear scope and that includes a problem statement.

What question are you looking for an answer to?

In the case of a new product or a new business, the question or questions are generally:

• Who will buy the product,
• Why will they buy it, and
• How much are they prepared to pay?

Before you start knocking on doors and showing people your product, take some time to really think about what it is that you want to ask of the market and design your research project accordingly.

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