MARKETING PLAN EXPLORER
Copyright 2002, Professor Jerome M. Katrichis
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III. EXTERNAL SITUATION ANALYSIS
B. 5. Forecasts
In general forecasts provide the basis for most of the planning that goes on within an organization. Because they dictate the general level of activity that goes on in an organization they are the basis of nearly all of the planning that goes on such as personnel plans, purchasing plans, and of course sales and marketing plans.
Students generally find forecasting a bit frustrating because a general fact of business life is that whatever you forecast it will be wrong. The issue then is never whether a forecast is right or wrong, but how far off it is.