Forecasting is the process of predicting future trends in the sales of a product and service and is critical to growth and success of a company. Typically forecasting in a company should be a collaborative effort involving sales manager to forecast sales; human resource personnel to determine staffing requirements and finance analyst to predict future scenarios. As a huge amount of efficiency is dependent on these dimensions of a company, it is important to collaborate inputs from all personnel and opt for the best one. However, the aptest forecasting technique would be to use sales forecast. There are various fore-casting techniques though they can be broadly put into two categories:
Econometric forecasting methods
In Time-series methods, historical data is used as the basis for predicting future outcomes whereas, in econometric forecasting method, it is assumed that it is possible to identify the underlying factors which might influence the variable being forecasted. The refill options and set meals will add value will differentiate Starbucks from other competitors and encourage customer loyalty. Concept of Sustainable Competitive Advantage and How This Sustainability Would Be Achieved By Starbucks.
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