2.2.1 sales forecasting

Question 1

sales forecast

Answer 1

prediction of future sales revenue based on historical data and market trends

Question 2

strong pound

Answer 2

when the great British pound is stronger than a different currency

Question 3

weak pound

Answer 3

when the great British pound is weaker than a different currency

Question 4

benefits of sales forecasting

Answer 4

help businesses plan ahead

provide benchmarks for setting sales targets and revenue goals

assist in financial planning, budgeting, and cash flow management

enable businesses to identify risks

Question 5

drawbacks of sales forecasting

Answer 5

not always accurate

may become overly reliant

inaccurate forecasting

requires time, resources, and expertise

Question 6

limitations of sales forecasting

Answer 6

data inaccuracy
unforeseen events
external factors
unpredictable markets