# CTE Resource Center - Verso - Marketing, Advanced Task 896546697

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Explain the nature of sales forecasts.

Definition

Explanation should include the purposes/uses of sales forecasts and a description of how sales are projected. Purposes/uses should include

  • developing merchandise budgets
  • analyzing the market
  • determining market share
  • developing promotional budgets
  • altering the marketing mix
  • projecting sales
  • examining past sales
  • examining economic and business conditions
  • identifying competitor’s strategies
  • determining future need.

Process/Skill Questions

  • What is the relationship between company goals and sales forecasting?
  • What is the purpose of a sales budget? How do sales and marketing budgets complement each other?
  • What factors should be considered when forecasting sales?
  • Why is it important to compare a company's sales forecast to the projected industry figures for companies selling similar products/services?
  • How are past sales figures used in sales forecasting?

Related Standards of Learning

English

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

12.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.
  1. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).
  2. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.
  3. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  4. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.
  5. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Mathematics

A.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.

AII.9

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.

PS.1*

The student will analyze graphical displays of univariate data, including dotplots, stemplots, boxplots, cumulative frequency graphs, and histograms, to identify and describe patterns and departures from patterns, using central tendency, spread, clusters, gaps, and outliers.

PS.2*

The student will analyze numerical characteristics of univariate data sets to describe patterns and departures from patterns, using mean, median, mode, variance, standard deviation, interquartile range, range, and outliers.

PS.3*

The student will compare distributions of two or more univariate data sets, numerically and graphically, analyzing center and spread (within group and between group variations), clusters and gaps, shapes, outliers, or other unusual features.

PS.4*

The student will analyze scatterplots to identify and describe the relationship between two variables, using shape; strength of relationship; clusters; positive, negative, or no association; outliers; and influential points.

PS.5

The student will determine and interpret linear correlation, use the method of least squares regression to model the linear relationship between two variables, and use the residual plot to assess linearity.

PS.7*

The student, using two-way tables and other graphical displays, will analyze categorical data to describe patterns and departures from patterns and to determine marginal frequency and relative frequencies, including conditional frequencies.

Other Related Standards

National MBAResearch Standards-Marketing

Employ marketing-information to plan marketing activities.

 

Understand marketing-research activities to show command of their nature and scope.