Business Forecasting One of the steps‚ say the very first one‚ in the process of management is planning. Planning is understood as the process of setting goals and choosing the means to achieve these goals. Planning is essential for‚ without it‚ managers cannot organise people and resources effectively. Meaning and Definition Forecasting is fundamental to planning. Forecasts are statements about future‚ specifying the volume of sales to be achieved and equipment‚ materials and other inputs needed
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There has been a gradual change in the mode of packaging for last years.For instance‚ earlier fruits and vegetables were used to be transported in wooden boxes but today cardboard crates are used .This is mainly to reduce the cost. Obviously‚a cardboard crate would cost less than wooden crate. Moreover‚using cardboard crates is more eco friendly than cutting trees and making wooden boxes and supporting an environmental cause helps firms improve their goodwill and eventually their sales. Similarly
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MILK PACKAGING Milk packaging can be very varied and the types of packaging have increased over time. The aim of packaging is both practical and commercial. So there is need for packaging suppliers to include both these aspects while desiging a packing. Practical AIM: It must carry the milk and keep it fresh Commercial AIM : keeping the cost down and marketing the product. There are three main types of milk which are differentiated with their labelling and coloured caps Full cream milk –blue
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Forecasting Methods Forecasting demand is not an easy task. The market is constantly changing and it makes the product demand difficult to predict. Therefore‚ there is not such as perfect product forecast of what customers will need in the future. However‚ there are several methods that help attenuating the uncertainty of forecasting demand. Since‚ the forecast methods or techniques differ from one another; the objective is to compare and contrast several forecasting methods‚ and how they are
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What is sales forecasting? In general terms‚ forecasting means “A statement made about the future”. So‚ Sales forecasting is the estimation of sales made for the future. Sales forecast is an estimate of sales in rupees or in units for future period. A sales forecast is the prediction of sales volume that a company can estimate to achieve in specified period of time in future. Following are some of the definitions given by different scholars: According to American marketing Association
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INDUSTRIAL STATISTICS AND OPERATIONAL MANAGEMENT 6 : FORECASTING TECHNIQUES Dr. Ravi Mahendra Gor Associate Dean ICFAI Business School ICFAI HOuse‚ Nr. GNFC INFO Tower S. G. Road Bodakdev Ahmedabad-380054 Ph.: 079-26858632 (O); 079-26464029 (R); 09825323243 (M) E-mail: ravigor@hotmail.com Contents Introduction Some applications of forecasting Defining forecasting General steps in the forecasting process Qualitative techniques in forecasting Time series methods The Naive Methods Simple Moving
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and choose appropriately. One example of forecasting is the United States Marine Corps use of forecasting techniques‚ both qualitative and quantitative‚ to predict ammunition requirements. Forecasting Defined Forecasting is "A statement about the future" (Anonymous‚ 2005). Operations management is designed to support forecasted performances and events. Specifically‚ operations managers allocate personnel‚ time‚ and resources in order to meet the demands of forecasts. The most successful companies
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Manufacturers are currently competing with each other to produce a form of green packaging.Packaging is an important part of marketing these days‚but much of it is a threat to the environment.There are two reasons for this.The production of such packaging uses up a great deal of energy and cartons‚wrappers‚etc are often difficult to dispose of when they become waste material. People in most countries have become aware of the damage which modern living is doing to the environment‚and many of them
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Packaging Packaging is the technology of enclosing or protecting products for distribution‚ storage‚ sale‚ and use. Packaging contains‚ protects‚ preserves‚ transports‚ informs‚ and sells.[1] In many countries it is fully integrated into government‚ business‚ institutional‚ industrial‚ and personal use. a) Packaging fresh fruits and vegetables is one of the more important steps in the long and complicated journey from grower to consumer. Bags‚ crates‚ baskets‚ cartons are convenient containers for
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- Unit 2: Marketing Plan: Pricing Strategies Pricing Strategies There is no limit to the number of variations in pricing strategies and tactics. This wide variety of options is exactly what allows small business owners to be so creative. Pricing always plays a critical role in a firm’s overall strategy: pricing policies must be compatible with a company’s total marketing plan. Introducing a New Product Most small business owners approach setting the price of a new product with a great deal
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