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Objectives of Demand/ Sales Forecasting
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The objectives of demand/ sales forecasting may be studied under the following two heads:

  • Short term objectives

  • Long term objectives

Short Term Objectives: Short term demand/ sales forecasting mostly covers the period ranging from one week to six months. The short term objectives of the sales forecast can be summarized as follows:

  • To establish sales quotas and targets for different market segments.

  • To formulate the suitable production policy so as to meet the demand as per the sales forecast.

  • To make the optimum utilization of the resources on the basis of sales forecast.

  • To determine an appropriate price policy for a given period.

  • To make provision for the regular supply of raw material etc. for the production on the basis of sales forecast.

  • To estimate stock requirements for unfinished, semi finished and finished products for a specified period of time.

  • To ensure the regular supply of labor force as per the sales forecast,

  • To estimate and provide the requisite working capital on the basis of sales forecasting.

Long Term Objectives: In this type of demand/ sales forecast, the period of forecasting ranges from one year to five years. The long run objectives of sales/ demand forecasting may be summarized as follows:

  • To plan for the acquisition of raw materials so as to meet the future demand

  • To make provision for capital expenditure.

  • To estimate the future profits of the organization

  • To estimate cash inflow from sales

  • To plan for plant capacity so as to meet rising future demand

  • To reduce selling costs and thereby reducing the final cost of the product

  • To determine the dividend policy

  • To do man-power planning so that production and sales distribution may not suffer

  • To facilitate budgeting and budgetary control

  • To establish co-ordination between various functions of an organization.

Learn more about the objectives of demand/ sales forecasting only at the University Canada West.

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