Integrating market response models in sales forecasting

Article Abstract:

Sales forecasting should be geared towards giving actionable decision support analysis to senior management in order to be effective. This may done by identifying and creating relationships for demand factors which management can use to the fullest to improve business. Also, the integration of model building and subjective market expertise are needed to make sakes forecasts successful. Sales forecasters could use the classical multiple point regression method to model marketing activities and establish consumer demand. Regressions models are also effective in sales forecasting because they offer a useful beginning point for devising a sales forecast.

Marketing Management, Forecasting, Sales Management NEC, Editorial, Usage, Marketing research, Market research, Marketing, Marketing models, Sales management, Business forecasting

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Living with forecast error

Article Abstract:

Communication is an important ingredient in the forecast function, specially in living with forecast error. Other functional areas of an organization which rely on forecasts in their operational decision-making must be properly informed of the limitations of the forecast and the probability that it can be wrong. An environment in which the forecast error is an 'open book' among forecasters and other functional areas is an imperative for the forecast function.

Analysis, Errors, Errors (Mistakes)

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Forecasting by consensus is riskier than it sounds

Article Abstract:

Consensus forecasting is considred as fallible as the usual methodsof predicting future trends. A key element in undertaking this type of forecastis the proper management of the process itself, not the resulting prediction. Forecasters within the consensus environment must maintain a delicate balance between their role of being an impartial observer and encouraging other contributors to the process.

Evaluation, Consensus (Social sciences)

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