If you know what designer pieces will sell in a particular month while you are half way down in the month already, your sales will be average. However, with the help of a fashion designer course that teaches you sales forecasting, your sales will achieve new heights.
Meaning of Sales Forecasting:
Firstly, Keeping in view the controllable and uncontrollable elements under a marketing program of a company. In the next phase, Estimating the sales for a definite future period in advance is called sales forecasting. This requires some good fashion designer skills.
source: sales hacker
Methods of Sales Forecasting:
Basically, forecasting sales is actually an art and the artist is a fashion designer. For this, various methods are used. Following are the main methods of sales forecasting-
(1) Collective View Method
The area sales managers keep sending anticipated figures of demand to firms by establishing contacts with customers. The sales manager makes forecasts for the business on the basis of these figures and many other variables. Sales indication, position of the company advertisement, technical improvements, new products, market research, etc. help in this. A fashion designer course after 10th is important as it teaches you to analyse the figures in an effective manner.
(2) Survey Method
Under this method, an efforts are made by establishing contacts with the customers, to know what products they like and what quantity of the product they require. This helps estimate the product demand.
(3) Market Test Method
Under this method, to check the market test, any product is sold in a portion of the market for sometime and on the basis of results derived, estimates are made for the whole market for the whole year. Hence, this is one of the most important sales forecasting methods that requires the use of all your fashion designer skills.
(4) Forecasting by the Officers
In this method, the higher officials of the company after discussion with the production, sales, finance and administrative officers, forecast the sales on the basis of their experience and knowledge.
(5) Economic Indicators
Under this method, forecasts of sales or demands are made with the help of the economic indicators, like increase in demand for tractors with increase in the income of farmers, increase in the demand for paper with the spread of education, etc. To know which economic indicators affect the sales of the product and to what extent remains a big problem.
Object of Sales Forecasting According to a Fashion Designer Course
(1) Setting the Sales Target
Firstly, separate targets are fixed for each area by sales forecasting and with these targets, control can be maintained on the activities of the sales representation and provide inspiration to attain the targets.
(2) Estimation of Long Term Financial Requirements
Overall, sales forecasting helps estimate the long term financial requirements of the organisation.
(3) Formulation of Production Policy
Basically, the object of sales forecasting is formulation of production policy, so that the problem of excess production or low production do not arise. To formulate policies, you need to possess a certain fashion designer course qualification.
(4) Availability of Labour
One of the objectives of sales is to make appropriate arrangements for trained and untrained labourers as required so that the production does not stop due to shortage of labour or the labourers sitting idle without work.
(5) Best Utilisation of Machines
An important objective of sales forecasting is also to make best utilisation of machines. This is so that production shouldn’t be less when demand is more. Also, when demand is less, the machines aren’t idle.
(6) Continuous Supply of Raw Materials
Another objective of sales forecasting according to a fashion designer course, is to have a regular and continuous supply of raw materials for the organisation, as required.
(7) Determination of Plant Capacity
Lastly, the objective of sales forecasting is to determine and plan capacity according to demand. The current plant capacity can be increased if the plant capacity is insufficient or a new plant can be set up.
Utility and Importance of Sales Forecasting
Sales forecasting is an important tool in the commercial field. The success of any marketing plan and marketing programme depends on good and accurate forecasting. Sales forecasting is the basis of marketing plans. No marketing plan can be successful, until the basic assumptions of that plan are based on strong forecasts. This is where a fashion designer course comes in handy.
Thus, the sales forecasts force the manager to determine future marketing plans. Moreover, it alerts the commercial organisations against the dangers after clarifying the risks related to future marketing. Managers get information about areas where market control is required with the help of sales forecasting. The truth is that commercial success depends on the degree of foreseeability the manager applies in his decisions. They can adopt foreseeability only when their decisions are based on sales forecasting. In this way, we can say, sales forecasting is very important in marketing plans.
Fashion Designer Courses
To show startling maturity under pressure is the key to survive in the fashion industry. A fashion designer course is the key maker. With the above mentioned sales forecasting methods and their uses, you already have gained a lot of knowledge to succeed.
At Hunar Online, you will get access to detailed video lessons and can learn from anywhere. You will get 24/7 faculty support and a chance to learn from the experts of the industry. Also, watch our trial classes and get a glimpse of our courses. You can start learning your favourite course by downloading the app.
So, what are you waiting for? Join Hunar Online Courses and do what you always wanted to do.
