Observation

 

Most candidates who attempted this question performed very well. They were able to list the methods of sales forecasting and explain market survey. However, they were not able to sufficiently state the importance of market survey.
                                                                                                                                                                                                    
            The responses expected from candidates are:

(a) Methods of Sales Forecasting
i. Jury of executive opinion/executive judgment.
ii. Regression analysis.
iii. Historical data/Time series/Trend analysis.
iv. Sales force composite opinion.
v. Delphi technique/Consensus of expert opinion.
vi. Test marketing.
vii. Market factor analysis.
viii. Survey of buyers’ intentions.
ix. Anticipatory survey.
  

(b) (i)Market Survey is an organized or systematic process of gathering information        
          about target markets or customers .   
                                                          
(c)Importance of market survey:
i. Market survey assists a firm in products offering;
ii. It helps firms to determine pricing methods to adopt;
iii. It provides insight into customer demographics like age, income, gender, status etc
iv. It helps in measuring customers’ satisfaction and product usage level;
v. It helps in branding and positioning of a product;
vi. It helps to stimulate demand for a product;
vii. It helps in identifying prospects and customers;
viii. It assists in monitoring trends in the market place;
ix. It helps in identifying changing customers’ tastes and preferences;
x. It helps in product innovation to suit customers’ expectations;
xi It assists a company in sales forecasting/demand estimation.