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FORECASTING - Essay Example

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Forecasting is an integral part of the entire marketing process, businesses use market research to obtain data about the demand potential for a certain good or service, once the potential demand is identified, marketers generate sales forecasts and targets that are to be…
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FORECASTING
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Forecasting in Marketing Forecasting is an integral part of the entire marketing process, businesses use market research to obtain data about the demand potential for a certain good or service, once the potential demand is identified, marketers generate sales forecasts and targets that are to be achieved by the sales team of an organization. There are several methods through which forecasting are conducted, one such method is executive opinion (Kurtz 264). In this method, the manager of the marketing department of an organization uses his/her own opinion and perception regarding the future demand for a product or service and this opinion is mostly based on the manager’s own experience in the field. This opinion is even backed by information that is qualitative in nature and is available through trade journals. Managers may even develop an opinion on the basis of communication with the experts of the industry and their forecast of future demand for a product or service. Forecasting in the field of marketing is conducted through various sources. One of the best sources that can help in creating a perfect forecast is the consumers themselves. Information from this stakeholder group can be obtained through questionnaires and surveys. For example: consumers can be inquired about their perception of detective online games and whether they would like to play more of such games in the future. If the consumers provide positive feedback, the forecast for future online detective computer games will be positive and the company can make huge profits by acting upon this opportunity.
Works Cited
Kurtz, David L.. Boone & Kurtz contemporary marketing / David L. Kurtz. 15th ed. Mason, OH: South-Western Cengage Learning, 2012. Print. Read More
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