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Entrepreneurship (4th quarter)
Forecasting revenues of the business
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Cards (10)
Forecasting
tool used in planning that aims to support management of a business owner in its desire to adjust and cope with uncertainties of the future.
depends on the data from the past and present and to make meaningful estimates on revenues
Cost
amounts that has to be paid or spent to buy or obtain something
Sales
total number of goods or services a company sells during a specific period
Revenue
when sales exceed the cost to produce goods or render the services
Factors that serve as basis in forecasting revenues of the business
The
economic condition of the country
The
competing business or competitors
Changes happening in the community
The
internal aspect of the business
The economic condition of the country
(factor)
when economy grows, its growth is experienced by the consumers
healthy economy makes good business
Competing businesses or competitors
(factor)
observe how your competition are doing business
know how much your competitors are selling
Changes happening in the community
(factor)
changes in the environment may give entrepreneurs better perspective about the market
Mark up
amount added to the cost to come up with the selling price
Selling Price
seller's final price
how much the customer pays for the product or service