ENTREPRENEURSHIP_ASSIGNMENT_2_-_LEILA.docx.pdf - Qualitative Sales Forecasting of Eco-Clean Plc Student name Leila Elhadouch ID L0048VSAVSA1015 MODULE

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Qualitative Sales Forecasting of Eco-Clean Plc Student name : Leila Elhadouch ID : L0048VSAVSA1015 MODULE TITLE: ENTREPRENEURSHIP LSC6002 ASSIGNMENT 2 PROGRAMME: BABS SEMESTER: Semester 5 ACADEMIC YEAR PERIOD: February to May 2017 LECTURER: Dr Rajendra Kumar/ Anand Walser
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Table of Contents Table of Figures .............................................................................................................................. 3 1. Introduction ................................................................................................................................. 4 2. Literature Review- and Critical Analysis ................................................................................... 4 2.1 Qualitative sales forecasting and its importance to Eco-clean Plc ........................................ 4 2.2 Selection of Forecasting Method ........................................................................................... 5 2.3 What methods can be used by Eco-Clean Plc to produce qualitative sales forecasts up to six months ahead of current time ................................................................................................ 6 2.3.1. Executive Opinions ........................................................................................................ 6 2.3.2 Delphi Method ................................................................................................................ 7 2.3.3. Sales Force Polling ........................................................................................................ 8 2.3.4. Consumer Surveys ......................................................................................................... 9 2.4 What would be the use and value of such forecasts in a business start-up context? ............. 9 3. Conclusion: ............................................................................................................................... 11 References: .................................................................................................................................... 12 Bibliography ................................................................................................................................. 13 Appendices ..................................................................................... Error! Bookmark not defined.
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Table of Figures Figure 1: Types of Qualitative forecasting methods, Source: own work ....................................... 6 Figure 2: Expert opinions, source: own work ................................................................................. 7 Figure 3: Delphi method, Source: own work .................................................................................. 8
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1. Introduction The present report is the part two of entrepreneurship assignment. The same case study of Eco- Clean plc will be used in this report to critically explain and discuss about qualitative sales forecasting and its importance to the developed start-up firm Eco-Clean plc. This report will also discuss the qualitative sales forecasting methods that can be used by the start-up firm for up to 6 months ahead of current time. Finally, the uses and benefits of qualitative forecasts to Eco-Clean will be discussed using appropriate examples wherever applicable. 2. Literature Review- and Critical Analysis 2.1 Qualitative sales forecasting and its importance to Eco-clean Plc Forecasts can be used by managers for the purposes of budgeting (Putra, 2016; Armstrong and Kotler, 2011) at Eco-Clean. The role of a forecast is to determine the needs of financing and production’s volume. There are different types of forecasting methods available to Eco-Clean, but the priorities are to be on cost, accuracy, and time period and preparation time. It will be the prerogative of the managers to make out those assumptions, which stand for a specific forecast method, so that maximum benefit can be garnered for Eco-clean plc. Risk or uncertain conditions are common factors for the management of Eco-Clean plc. In most probability, Eco- Clean’s important function is forecasting. At this point, the company starts its planning and also budgeting. The main significance of forecasting to Eco-Clean is reduction of risk, before making any decision (Putra, 2016). In Eco- Clean’s business, the basis for production , inventory, planning capacity, manpower, finances and budgeting, shares of sales and market, top management’s strategy and research & development will rest on efficient forecasts. Many activities of financial management of Eco- Clean such as profit planning, budgets, capital expenditure analysis, and merger and acquisition analysis etc. cannot run smoothly without the support of proper sales forecasts (Shim et al, 2011; Putra, 2016).
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2.2 Selection of Forecasting Method
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