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Home→The Westburn Dictionary of Marketing→F→forecasting

forecasting

Definition:
The prediction of future outcomes. In marketing demand and sales are particularly important areas for forecasting with such forecasts providing the basis for most short-term marketing planning. TREND ANALYSIS and EXTRAPOLATION are frequently used for developing forecasts. However, given the accelerating pace of technological change and the dynamic nature of competition, it is becoming increasingly difficult to use traditional forecasting methods with the result that many organisations have turned to alternative techniques such as SCENARIO PLANNING.

Cross-References:
[trend analysis] [extrapolation] [scenario planning]

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© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker],.