Sales notes Essay

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Chapter 5 Notes
Sales Management
3 questions on test
Sales Forecasting & Budgeting
Objectives
Relate sales forecasting to operational planning
Use the most popular quantitative and qualitative sales forecasting tools
Evaluate the various sales forecasting techniques
Identify the purpose and benefits of sales budgets
Prepare an annual sales budget
Sales Forecasting and Operational Planning
Sales forecasting
Prediction of the future market potential for a specific product
Market potential
Quantitative estimate, in either physical or monetary units, of the total sales for a product within a market
Sales potential
The portion of market potential that one among a set of competing firms can reasonably expect to obtain
Importance of accuracy
S&OP
Forecast Approaches
Breakdown
1. Forecast general economic conditions
2. Estimate industry’s total market potential for a product category
3. Determine the share of this market the company currently holds and is likely to retain in view of competitive efforts
4. Forecast sales of the product
5. Use the sales forecast for operational planning and budgeting
Buildup
Based up on primary research, whish is new data collected for the specific purpose at hand
Non-quantitative
Opinion based
Judgment
Counting
Forecasting approaches that tabulate responses to questions on surveys or count the numbers of buyers or purchases
Qualitative
Evaluating Approaches p.136
Comprehensibility
Accuracy
Timeliness
Quality/quantity of information
Qualified personnel
Flexibility
Cost/benefit
Sales Budget Planning
Sales budget
Planning function
Coordinating function
Controlling function
Preparing Annual Budget
Benefits of budgeting
Procedures for setting up a budget
Review/analyze the situation
Communicate goals and objectives
Identify market opportunities/problems
Develop primary draft
Prepare a budget presentation
Implement and feedback

Notes Chapter 6
Sales Management
3 questions on test
Sales Force Planning and Organizing
Objectives
Understand the purpose and levels of organizational planning
Apply the sales planning process, including strategic and tactical sales planning
Avoid
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