VOCABULARY 1
Expenses directly associated with the creation of products
PRODUCTION COSTS
Neutral
OBJECTIVE
Specific selling goals set for members of the sales force
SALES QUOTA
Features of the current marketplace
MARKET CONDITIONS
An estimate of income and expenses for a particular period of time
BUDGET
Facts that come from sources inside the business
INTERNAL INFORMATION
A prediction of future sales over a specific period of time
SALES FORECAST
A point of reference
BENCHMARK
Sales forecasting that predicts sales for periods of less than three months
SHORT RANGE FORECASTING
The ongoing, day-to-day expenses of running a business that are not directly related to production
OPERATING COSTS
One of the groups into which the total market is divided
SEGMENT
Sales forecasting that predicts sales for periods of more than two years
LONG RANGE FORECASTING
A long-term plan
STRATEGIC PLAN
The goods a business has in stock
INVENTORY
Sales forecasting that is based on expert opinion and personal experience
QUALITATIVE FORECASTING
Prejudice
BIAS
Sales forecasting that is based on the analysis of hard facts or numerical data
QUANTITATIVE FORECASTING
Sales forecasting that predicts sales for periods of three months to two years
INTERMEDIATE RANGE FORECASTING
A magazine or newspaper
PERIODICAL
Facts that come from sources outside the business
EXTERNAL INFORMATION
A one-time purchase a business makes
CAPITAL EXPENDITURE
A statement of a business’s goals and an outline of its strategies to reach those goals
BUSINESS PLAN
The stages through which goods and services move from the time they are introduced on the market until they are taken off the market
PRODUCT LIFE CYCLE
A group of people who share the same characteristic(s)
MARKET SEGMENTS
Sources of information that reach large audiences
MASS MEDIA