Business Management & Decisions
Sales and profit forecasting is an obligatory estimation to keep in view how your business is going on. The new product sales forecasting is a tactful method to deal with, as you have to judge the market value by analyzing the customer’s demand for the product, the environmental conditions, and the competitor’s response. It is more difficult to predict a new product sale than an existing product sale.
There are several parameters involve in such forecasting, which acts as a variable in the prediction process. A good sales manager has a vigilant eye on all these parameters and is skill enough to forecast the sale and profit of the given product. Forecast assumptions are the changing circumstances that affect your sale percentages every year like market resources, outside hurdles or the product itself is responsible for such indefinite alterations in the sale percentage, therefore, the sales team of the organization have to set some strategies to predict the sale.
For example, you can mark a percentage figure for your prediction like the new product you are launching will give only 2% sales this year as the cost remains higher than the sales. However, it seems to grow up to 5% in the coming three years.
Your customers are the other parameter to judge for a new product sale forecast as it is easier to sell many items to the existing customer than to attract a new one. You also have to judge which product has a higher affinity for the customers and how high the sales can go. Based on the above features smart businessmen draft effective new product sales and profit forecast model before launching the new product in the market.
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New Product Sales and Profit Forecasting Model Template
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