About this course

Course code TP1218
Duration 1 Day

This workshop is designed to help marketers who need to produce 'good' forecasts develop practical forecasting skills within the context of a professional forecasting framework.

It covers all key aspects from forecasting fundamentals, best and worst practice, through challenges and issues to appropriate tools and techniques, with considerable use of the latter throughout.

Benefits to you and your company
A more professional approach to forecasting - incorporating better planning, the collection, analysis and interpretation of appropriate data and the utilisation of information technology - should lead to increased confidence in the forecasts created and ultimately the performance delivered.

Prerequisites

  • You need to be a competent Excel® user to enrol on this workshop.

Who should attend?

It is specifically designed for quantitatively oriented marketers who are proficient with spreadsheets and already have a reasonable understanding of the scientific (mathematical/statistical) side of marketing, but want to develop their skills and boost their confidence - especially in the increasingly important quantitative aspects of forecasting.

Delegates will learn how to

  • Create professional short, medium, and long-term forecasts.
  • Assess the marketing environment (macro, micro, internal).
  • Implement best practice in terms of forecast design, delivery and evaluation.
  • Collect the right data in the right way and convert it into relevant information using various statistical tools and techniques.
  • Measure markets, share, growth, and other parameters more confidently.
  • Make realistic projections and offer alternative scenarios with sensitivity analyses.
  • Integrate qualitative and quantitative research.
  • Implement, evaluate and control your forecasting efforts professionally.
  • Apply within both strategic (customer...) and tactical (PLC, pricing...) arenas.

Outline

  • Forecasting fundamentals (what, why, who, when, where and how).
  • Information gathering sources and techniques.
  • The use of information technology in forecasting.
  • Market (macro) and segment (micro) forecasting.
  • Market size, growth, change and share estimation.
  • 'Break-down', 'build-up' and 'multi-factor index' methodologies.
  • Qualitative (subjective) forecasting - sales people, panels, expert opinion, lead user, the Delphi Method.
  • Quantitative (objective) forecasting - time series, moving averages, exponential smoothing, correlation, regression.
  • Forecasting new products/services.
  • State of the art forecasting (through econometrics and market modelling).
  • Implementation, evaluation and control - metrics, variance analyses, control charts.

Delivery style
A mixture of slides, demos and discussion, with lots of hands-on exercises and mini workshops geared to putting theory into practice and using IT/software (Excel® specifically) to help produce and appraise forecasts. Emphasis on application!

1 Day

Duration

This is a QA approved partner course

Delivery Method

Delivery method

Classroom

Face-to-face learning in the comfort of our quality nationwide centres, with free refreshments and Wi-Fi.

Find dates and prices

Online booking is currently not available for this course, to find out more please call us on 0345 074 7998 or email us at info@qa.com to discuss how we can help.

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