Essay About Sales Forecasts And Sales History

Attitudes and Introduction
Essay Preview: Attitudes and Introduction
Report this essay
Attitudes and Introduction
I watched TV for a bit looking for a commercial that would appeal to me, I finally decided that the one I could having an effect on me talked about something that interested me. The commercial that I could relate to was for Chilis it interested me because they targeted me has a consumer that enjoys eating out for dinner. Consumer behaviors control the type of marketing strategy that is used such as in the commercial I saw, so they conduct studies to determine which strategies are likely to prove most effective. The commercial needs to know the members of their target audience, what they want, where they are located and how theyll react to the product promotions. They gather this information via surveys and studying data regarding the past behavior of consumers. Data is obtained from a variety of sources such as marketing databases, sales history and the Internet. Research surveys are conducted for the purpose of studying consumer behaviors. They help companies learn what consumers want, as well as how they respond to advertising. They also help pinpoint potential problems. Some examples of research surveys are new-product concept tests, product use tests and brand name recognition. Organizations conduct surveys in person, on the phone, through the mail and online. These surveys target specific population groups who share a similar set of characteristics. Organizations study past consumer behaviors to determine future sales. Sales forecasts estimate the expected sales for a particular market during a specified time period. Sales forecasts cannot be higher than the market potential and usually fall short of expectations. Different methods exist for forecasting sales, most of which revolve around obtaining information directly from past buyers. Some examples of forecasting methods are quantitative and qualitative. Quantitative forecasts predict the sales of products based on past results and qualitative forecasts predict sales based on expert opinions in the field.