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Qualitative Sales Forecasting | Report

   

Added on  2020-03-16

15 Pages3157 Words41 Views
Qualitative Sales Forecasting 1QUALITATIVE SALES FORECASTINGby [Name]CourseProfessor’s NameInstitutionLocation of InstitutionDate

Qualitative Sales Forecasting 2TABLE OF CONTENTS1.0 Executive summary...............................................................................................................................32.0 Introduction...........................................................................................................................................43.0 Literature Review..................................................................................................................................43.1 Importance of qualitative sales forecasting for FiveAl......................................................................43.11 Understanding and managing cash flow......................................................................................53.12 Planning on procurement and production....................................................................................53.13 Revenue projection......................................................................................................................63.14 Supply chain efficiency...............................................................................................................63.15 Supplier and customer satisfaction...............................................................................................63.16 Enhancing flexibility...................................................................................................................73.2 Methods of producing qualitative sales forecast................................................................................73.21 Delphi method.............................................................................................................................83.22 Executive opinions.......................................................................................................................83.23 Salesforce polling........................................................................................................................93.24 Consumer surveys......................................................................................................................105. Conclusion.............................................................................................................................................106.0 References...........................................................................................................................................117.0 Appendix.............................................................................................................................................147.1 FiveAl sensor fusion cars.................................................................................................................14

Qualitative Sales Forecasting 31.0 Executive summaryQualitative forecasting is very important in businesses more so to startups. This report highlights the importance of sales forecasting in a business environment. Some of the identified benefits include; enhancing flexibility, revenue projection, planning for production and procurement, enhancing supplier and customer satisfaction, and helps in improving efficiency in service delivery. Moreover, achieving these important business processes is realizable by the following methods of qualitative sales forecasting; Delph method, consumer surveys, salesforce polling, and executive opinion. The report examines how FiveAl can successfully apply the abovementioned strategies to overcome barriers associated with network marketing to grow the business to every corner of the world.

Qualitative Sales Forecasting 42.0 IntroductionWhen a start-up begins regular sales activities, it is of great importance to create periodic sales forecasts. According to Currie and Rowley (2010), a sales forecast is the process of projecting the future expected sales revenue for a specific period of time. It can be one month, year, or even five years depending on the organizational goals and objectives. Hülsmann et al. (2012) observes that a sales forecast is essential in understanding and managing sales activities, and also in facilitating growth and development goals of the whole company. Moreover, sales forecasts depend on capturing and analyzing important data about the startup's sales activities. These data may include; expenses, closed deals, cold calling, and many others depending on the level of the organization at hand (Chung, Niu and Sriskandarajah 2012). Sales forecasting in business often uses qualitative and quantitative data to make projections for the business. However, for this FiveAl’s case study, we are going to discuss the importance of qualitative forecasting. Moreover, when marketing managers use methods that do not rely on data to help make forecasts, then, the method adopted is referred to qualitative forecasting (Chung, Niu and Sriskandarajah 2012). In most cases, making judgments of future sales and revenue prediction usually depend on judgments and opinions. 3.0 Literature Review 3.1 Importance of qualitative sales forecasting for FiveAlIn every business, managers use sales forecasting results to inform and support their decisions (Mentzer and Moon 2004). The owners of startups can often use sales forecasts to determine the next investment direction and planning of a marketing campaign. Managers of these startup businesses use opinions, experience, and judgments from sales staff and other

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