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Exam 2 Ch 5-8 study.docx - Exam 2 Chapters 5-8 Summary...

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Exam 2 Chapters 5-8 Summary Chapter 5 Sales Forecast: a prediction of the future market potential for a specific product Market Potential : quantitative estimate, in either physical or monetary units, of total sales for a product within a market Sales Potential: portion of market potential that one among a set of competing firms can reasonably expect to obtain Sales and Operational Planning Process (S&OP) : An organized process that uses sales inputs to forecast business for upcoming periods of varying length Breakdown approach: way of developing forecasts based on general economic conditions, typically projected GNP, in constant $ along w/ projections of consumer and wholesale prices indexes, interest rates, unemployment levels, and federal gov expenditures Build up Approach: way of developing forecasts based on primary research, new data collected for specific purpose at hand (economic,demographic,social,legal,competitive,political,internal factors broken down by: product,territory,customer,time period Sales Budget: financial sales plan outlining how to allocate resources and selling efforts to achieve sales forecast Budget Variance: differences between actual results and sales budget expectations Know how to calculate, sales potential, sales person turnover, the number of the sales people you need/
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Know what the 4 factors are that forecasters look for pg 149 When selecting a forecast method, what criteria should sales managers consider pg 136,137 Comprehensibility Accuracy Timeliness Quality Abd quantity of information Qualified personal Flexibility Costs/Benefits Describing the different Planning horizons on budget pg 137 Budget exist for different planning horizons. A long range budget may require a
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