Answered: four techniques used for forecasting…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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Question

four techniques used for forecasting sales (market researchers, delphi technique, trend analysis, and econometric models) were introduced. What are some factors when preparing a sales forecast that would lead you to rely on one or two of these techniques more than the others? Support your choice with evidence.

Expert Solution

Step 1

Sales forecasting - It is generally defined as the prediction of future sales revenue using historical data, industry statistics, and current trends. In general, sales forecasting tools are used to project monthly, quarterly, and yearly sales. Market researchers, the Delphi technique, Trend analysis, and Econometric models are a few techniques used to forecast sales.