The result of marketing forecasting affects different business processes: some of them take years (e.g. construction of new production facilities), others require quick decisions and regular monitoring. Depending on the planning system, one of the following forecasting options is chosen
- Long term: 5 years or more;
- medium term: 2 to 5 years
- short-term: from 1 year to 1.5 years;
- operational: monthly, seasonal, weekly.
For example, you have studied the statistics and noticed a trend: people are leaving the cities and moving to housing estates. What does this mean? A likely increase in demand for building materials, garden furniture, garden tools and everything else associated with living in the countryside. There will also be a need to develop infrastructure in the cottage settlements. This means that opening a grocery store or a beauty salon could be a promising venture. This is an example of long-term planning.
An example of operational forecasting. Your online shop is expanding, new site features are needed, so a move to a new platform is planned. You need to anticipate what problems might arise and take steps to minimise their impact. In particular, moving your site may cause your search engine rankings to drop. It is therefore necessary to prepare in advance for operational work on SEO promotion.