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The budget section of the marketing plan covers all the resources, such as new personnel, new equipment,
new locations, and so forth, needed to successfully launch the product, as well as details about the product’s
costs and sales forecasts.
REVIEW QUESTIONS
- What is a marketing plan and how is it used?
- Which section of the marketing plan is most important? Why? The least important?
- What is the purpose of scenario planning?
16.3 Forecasting
LEARNING OBJECTIVES
- List steps in the forecasting process.
- Identify types of forecasting methods and their advantages and disadvantages.
- Discuss the methods used to improve the accuracy of forecasts.