HBC Georges T-shirts – Article Example
Darden Business Article 10thOctober George’s T-Shirts George Lassiter is said to be a project engineer. He is also managing an interesting sidebusiness on behalf of designing and manufacturing variety of T-Shirts for different occasions. It could be for the purpose of fund-raising or a special even like a musical concert for a renowned music artist. However, these T-shirts were not allowed to be sold with the boundaries of the arenas, where the events like concerts will be held. Furthermore, the T-shirts are perfectly designed and manufactured as well. They are also well priced and sold in the surrounding streets associated with arenas such as parking lots, etc. For this purpose, George obtained proper license from the local authorities to sell T-shirts in the local surroundings.
In this particular case of George’s T-Shirt, we have analyzed that George don’t have any proper track record in regards to past data, so he can perform the analysis or you can say forecast the future sales on behalf of his T-Shirts. He is not very realistic in terms of identification of number of T-Shirts to be sold. You can say that he doesn’t have the exact information in regards to how many people will be attending the concert, so he can manufacture the required number of T-shirts on the basis of certain percentage, which he has taken around 10% of overall total. If there will be 75,000 people attending the concert, then on the basis of above mentioned percentage, there will be 7,500 T-shirts will be sold.
Solution to the George’s Problem
According to the 2000 book, On Target: The book on Marketing Plans, by Berry, Tim and Wilson, Dough “when you have previous data to call on, so you can use it, further you can compare your forecast data with the past results, and look to the past as a reality check. You can understand what is changing, why, and what may remain the same. Basically, a forecast-to-past comparison is said to be a quick practical and very powerful analysis as well.”
In conclusion, I would say that one should have properly maintained past data, so it can be compared with the forecasted values. You can easily derive your desired values by doing such analysis.
Berry Tim, Wilson, Dough. "On Target: The book of Marketing Plans." Eugene. Palo Alto Software Publications, (2000): 70. Document.