What are the steps involved in sales forecasting?

Sales forecasting involves several key steps: first, data collection, where historical sales data and market trends are gathered. Next, analysis of this data is performed to identify patterns and factors influencing sales. Then, forecasting methods are selected, such as quantitative techniques (like time series analysis) or qualitative approaches (like expert judgment). Finally, the forecasts are reviewed and adjusted based on external factors, and the results are communicated to stakeholders for strategic planning.