TERMS Unit 4: Marketing Chapter 24: Sales forecasting HL
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4 Terms
sales forecast
prediction of sales for the next time period
benefits of sales forecasting
- operations department knows how many units to produce
- marketing department would be aware of how many products to distribute
- human resource workforce plan would be more accurate
- finance department could plan cash flows with much greater accuracy
limitations of sales forecasting
- unforeseen external factors that have a substantial influence on future sales levels
- problems in the methods of sales forecasting that can result in inaccurate forecasts
line of best fit
straight line that goes as centrally as possible through the coordinates plotted; clearly indicates the trend of the relationship between variables