Discuss the difference between sales forecasts and company sales potential. Why is it important for a marketer to be able to forecast sales?
What will be an ideal response?
After a company selects a target market or markets, it must develop a sales forecast-the amount of a product the company expects to sell during a specific period at a specified level of marketing activity. The sales forecast differs from the company sales potential in that it concentrates on what actual sales will be at a certain level of company marketing effort. The company sales potential assesses what sales are possible at various levels of marketing activities, assuming certain environmental conditions exist. Businesses use the sales forecast for planning, organizing, implementing, and controlling activities. The success of numerous activities depends on the forecast's accuracy. Common problems in failing companies are improper planning and lack of realistic sales forecasts. For example, overly ambitious sales forecasts can lead to overbuying, overinvestment, and higher costs that can weaken a firm's strength and position.
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