What are the two primary types of surveys a company might
What are the two primary types of surveys a company might use to forecast sales? Why would a company use an outside expert forecasting survey?
Here is a tip:
Sales forecasting can be through various methods like surveys, market tests, regression analysis, etc.
Primary surveys are the surveys which are based on collection of information directly from the sample.
Customer forecasting survey- this type of survey involves the marketers to ask customers about the types and quantities of products they are likely to buy during a certain time period.
Salesforce forecasting survey- It requires the firm's sales personnel to estimate sales in their respective territories for a certain time period. Thus, the company utilises resources on the basis of forecasts made by salesforce.
Sales forecasts that are prepared by experts outside a firm, like economists, management consultants, etc. are called expert forecasting surveys.
The two primary surveys a company uses to forecast sales are-
Customer forecasting survey
Salesforce forecasting survey
The company uses experts forecasting surveys because they are outside the company and free from bias. Also, they are inexpensive and can provide results accurately based on their knowledge.