RMG 400 Lecture Notes - Lecture 4: Sentiment Analysis, Focus Group

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Janice Rudkowski

Document Summary

Week 4 chapter 7: what is forecasting. Internal forces (i. e. activities within a business that will affect sales; factors within their control: future sales can be affected by: Increasing or decreasing marketing/advertising expenditures: liberalizing or tightening credit policies. Increasing or decreasing retail prices: changes in store hours or physical facilities, number and type of distribution channels (cid:894)i. e. o(cid:374)li(cid:374)e, (cid:271)ri(cid:272)ks a(cid:374)d (cid:373)ortar stores, dire(cid:272)t (cid:895) External forces (cid:894)i. e. e(cid:272)o(cid:374)o(cid:373)i(cid:272), (cid:272)o(cid:373)petitive, legal, so(cid:272)ial a(cid:374)d te(cid:272)h(cid:374)ologi(cid:272)al tre(cid:374)ds ; fa(cid:272)tors outside of their control: economic conditions, demographic/psychographic trends, competitive conditions. Secondary sources: business publications/trade journals, stats canada demographics, household size and income, retail council of canada, conference board of canada. Making adjustments: actual sales should be periodically monitored to determine the accuracy, overestimating sales will require changes in marketing strategies, note: retail (cid:271)uyers" perfor(cid:373)a(cid:374)(cid:272)e is evaluated agai(cid:374)st the a(cid:272)(cid:272)ura(cid:272)y of their fore(cid:272)asts. Merchandise in stock must be sufficient to meet sales expectations while allowing for unanticipated demand: