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Critically analyze the importance of the factors that managers must consider in - Essay Example

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Managers can be able to take appropriate decisions about production, pricing, new product design and development and all other strategic decisions and thus to avoid…
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Critically analyze the importance of the factors that managers must consider in
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Critically analyze the importance of the factors that managers must consider in

In today’s business contexts, organizations and their environments are becoming more complex and changes occur rapidly and therefore managers are to consider all marketing related factors and its critical significance to the forecasting as well.
A good forecasting must be consistent with other parts of the business (Keat and Young, 2009, p 143). For example, when a manger forecast 25 % increase in sales, it must ensure that there are sufficient facilities, labor forces and raw materials to meet this target. The demand forecast must be based on ‘past knowledge’ because forecasting is a process of foreseeing the future from the past performances. Even though in certain cases past results are not so important as in the case of new product development, past knowledge contribute much to the successful demand forecasting ((Keat and Young, 2009, p 143). A manager conducting forecast must be able to consider the economic and political environment and the probable changes because the these factors can cause major changes in the way the business is to be carried out. An effective forecast must be timely as well because if the results are too late, the managerial action also will be late that will lead to business failure (Keat and Young, 2009, p ... Read More
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