Business Market Forecasting

  • Credits: 10
  • Ending: Examination
  • Range: 16sP
  • Semester: winter
  • Year: 2
  • Faculty of Commerce

Teachers

Included in study programs

Marketing and Trade Management

Teaching results

By completing the course, students will expand their knowledge of the scientific aspects of forecasting and its application in business, which have its origins in scientific management. They will get acquainted with the necessity of using forecasting in modern management and especially in the field of business. They will consolidate knowledge of the interaction between forecasting and the practice of compiling sales plans. They will apply various qualitative and quantitative methods used in this area and knowledge of their possibilities of application in the management of commercial activities. They will expand their overview of the procedures for interpreting the outputs of forecasts and their use in marketing and sales management.
Graduates of the course will be able to create logically accurate and practically applicable materials for the creation of medium and short-term business plans and related marketing activities. They will learn to use forecasting methods, which are currently an important element of the spectrum of management tools. They understand the scientific platform of using progressive management methods in the decision-making process, based on which they can define appropriate approaches of the company to target markets and important customers. They will learn to work with information and data about markets and customers and to transform available data into a form suitable to support managerial decision-making.
Upon successful completion of the course, students will acquire competencies that will enable them to apply for business and business-managerial positions in all types of companies operating in business markets, in managerial positions in consulting companies, in specialized marketing positions and the field of research and higher education. They can effectively approach the application of qualitative and quantitative methods in predicting the development of economic phenomena in the market and formulate conclusions from the prediction as a basis for decision-making processes in business, but also to process deeper analytical outputs for academic and research purposes.

Indicative content

Introduction to forecasting in business. Role and position of the forecasting in the undertaking, in marketing and the sales. Prediction as an economic necessity. Type of forecasts; market forecasting and products forecasting, long-term and short-term forecasting. Macroeconomics forecasting considerations; key economic factors impact. Choosing a forecasting method; nature of forecasting problem, nature of data under investigation, capabilities and limitations of forecasting techniques. Forecasting steps; problem formulation and data collection, data cleaning, model building and evaluation, model implementation - actual forecast, forecast evaluation. Managing the forecasting process. Types of forecasting methods – quantitative, qualitative; forecasting techniques for different types of data, judgmental forecasting. Forecasting methods based on averaging and exponential smoothing methods. Forecasting examples. Interpretation of results. Selected methods use in case studies.

Support literature

1. HANKE, J. E., WICHERN, D. W. 2009. Business Forecasting, 9th Edition. Upper Saddle River: Pearson Education. ISBN: 978-0-13-500933-8.
2. ORESKÝ, M. Contemporary procurement system - way how to control company expenditures. In Efficiency in Business. Siedlce : Publishing House of Siedlce University of Natural Sciences and Humanities, 2012. ISSN 2083-4179, s. 305-322 [1,08AH]. S.G.A. 1/0418/11.
3. KMIOTEK, K., ORESKÝ, M. 2008. Customer equity - new marketing management strategy focus. In Uncertainty - risk or opportunity : corporate business perspective, selected problems. Siedlce : Wydawnictwo Akademii Podlaskiej. ISBN 978-83-7051-519-5, s. 235-243. VEGA 1/4600/07.
4. ORESKÝ, M. 2018. How New Technologies in Manufacturing Affect Rivalry, Industry Structure and Marketing Strategy. Registrovaný: Web of Science. In Central and Eastern Europe in the Changing Business Environment : Proceedings of 18th International Joint Conference : May 25, 2018, Bratislava, Slovakia and Prague, Czech Republic. Praha : Oeconomica Publishing House, University of Economics, Prague, 2018. ISBN 978-80-245-2265-4.
5. ORESKÝ, M. 2015. Demand and supply integration management concept for assembling company. In Managing in recovering markets, GCMRM 2015 : proceedings of the 6th global conference : Maribor Slovenia. Maribor : University of Maribor, Faculty of Economics and Business, 2015. ISBN 978-961-6802-36-9.
6. ORESKÝ, M. 2016. SCM innovations - demand and supply integration management concept for manufacturing company. In Billateral academic forum Slovakia - France in the perspective of international policy of Slovak Republic : [proceedings] : international scientific conference : Fakulta managementu Univerzity Komenského, Bratislava, november 25th, 2016. Praha : Wolters Kluwer. ISBN 978-80-7552-541-3.
7. HASNAWATI, ORESKÝ, M. 2018. Are ERP and Organization Capability Can Be Enablers of Green Supply Chain Management? A Viewpoint From Employee’s Perception. In Indonesian Management and Accounting Research. Jakarta Barat : Lembaga Penerbit Fakultas Ekonomi dan Bisnis, Universitas Trisakti. ISSN 2442-9724, 2018, online.
8. ORESKÝ, M. 2013. Dosah činností nákupu podniku na finančné a ekonomické ukazovatele podniku. In Vedecké state Obchodnej fakulty 2013 : [zborník]. Bratislava : Vydavateľstvo EKONÓM, 2013. ISBN 978-80-225-3662-2, s. 486-494.
9. ORESKÝ, M. 2010. Prognózovanie, predvídanie, forecasting, foresight. In Aktuálne výzvy teórie a praxe pre obchod, marketing, služby, cestovný ruch a medzinárodné podnikanie : zborník vedeckých statí vydaný pri príležitosti 70. výročia založenia Ekonomickej univerzity v Bratislave. Bratislava : Vydavateľstvo EKONÓM, 2010. ISBN 978-80-225-3032-3, s. 485-490.
10. ORESKÝ, M. 2014. Customer value creating and customer profitability modeling. Registrovaný: Web of Science. In Application of knowledge in process of business dynamization in Central Europe : the proceedings of the 5th international scientific conference on trade, international business and tourism. Bratislava : EKONÓM publishing, 2014. ISBN 978-80-225-3994-4.
11. ORESKÝ, M. 2006. Riadenie vzťahov so zákazníkmi : odporúčania, praktické postupy, príklady, prehľadné schémy a tabuľky [elektronický zdroj]. Bratislava : Verlag Dashöfer.

Syllabus

1. Introduction to forecasting in business. Role and position of the forecasting in the undertaking, in marketing and the sales. 2. Type of forecasts. Macroeconomics forecasting considerations. 3. Choosing a forecasting method. 4. Forecasting steps. Managing the forecasting process. 5. Types of forecasting methods – quantitative, qualitative. 6. Forecasting methods based on averaging and exponential smoothing methods – case studies. 7. Forecasting examples. Interpretation of results. 8. Selected methods use in case studies.

Requirements to complete the course

40% semester work
60% written exam

Student workload

Workload: 260 hours
Attendance at lectures: 16 hours
Self-study: 84 hours
Elaboration of a semester project: 60 hours
Preparation for the exam: 100 hours

Language whose command is required to complete the course

English

Date of approval: 02.04.2023

Date of the latest change: 31.03.2023