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Lecture 4

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

Retail Management
Course Code
RMG 400
Janice Rudkowski

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Week 4 Chapter 7: What is Forecasting
Scope of Forecasting
How much of each product will need to be purchased?
Should new products be added to the merchandise assortment being offered?
How much inventory is needed to support the planned sales?
What price should be charged for each product?
Types of Sales Forecasts
Sales forecasts can include:
o Specific products or services (i.e. home furnishings department)
o Specific consumer groups (i.e. university students living in dorm rooms)
o Time periods (i.e. monthly, quarterly, annually)
o Specific store locations (i.e. geographic regions)
o Channels of distributions (i.e. bricks and mortar, e-commerce, pop-up, flyers)
Developing Sales Forecasts
Requires buyers to think about:
Internal forces (i.e. activities within a business that will affect sales; factors within their control)
Future sales can be affected by:
o Increasing or decreasing marketing/advertising expenditures
o Liberalizing or tightening credit policies
o Increasing or decreasing retail prices
o Changes in store hours or physical facilities
o Number and type of distribution channels i.e. olie, riks ad ortar stores, diret…
External forces i.e. eooi, opetitive, legal, soial ad tehologial treds…; fators outside of
their control)
Economic conditions
Demographic/psychographic trends
Competitive conditions
Acquiring Needed Data
Primary Data Sources
Retailers use customer surveys to forecast future consumer buying patterns
Customer data collection techniques include:
o Holding focus group sessions
o Reading comments from the suggestion box
o Speaking with customers and employees
o Online customer satisfaction/feedback surveys
o Comments and sentiment analysis from social media pages
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