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-Sales forecasts are common and essential tools used for business planning, marketing, and general management decision making. A sales forecast is a projection of the expected customer demand for products or services at a specific company, for a specific time horizon, and with certain underlying assumptions.

-Assessing market potential involves observing and quantifying relationships among different social and economic factors that affect purchasing behaviors. Analysts at the industry level look for causal factors that, when linked together, explain changes (upward or downward) in demand for a given set of products or services.

-Sales forecasting is an attempt to predict what share of the market potential identified in a market forecast a particular company expects to have. For very small companies that serve only a fraction of the total market, the company forecast may not even explicitly consider the market forecast or share, although implicitly, of course, the company's sales are subsumed under the total market size. In the other extreme, a monopoly's sales forecast is essentially the same as the market forecast.

-Forecasting may also consider how the company rates against its competitors in terms of market share, research and development, quality, pricing and sales financing policies, and overall public image. In addition, forecasters may evaluate the quality and size of the customer base to determine brand loyalty, response to promotions, economic viability, and credit worthiness.

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What are the difficulties in forecasting the sales of consumer durables?

Forecasting the sales of consumer durables is challenging due to factors such as changing consumer preferences, economic fluctuations, and technological advancements that can quickly alter market dynamics. Additionally, seasonal trends and promotional activities can create variability in sales patterns, complicating predictions. Limited historical data for new products also makes it difficult to establish reliable forecasts. Lastly, competition and external market influences, such as supply chain disruptions or global events, can further impact sales projections.


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