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What is the function of management that involves comparing sales figures for a financial period to the forecast of sales for the same period? (A) Collecting market research data (B) Comparing cash and credit sales (C) Implementing financial plans (D) Monitoring the achievement of marketing plans - HSC - SSCE Business Studies - Question 9 - 2002 - Paper 1
Question 9
What is the function of management that involves comparing sales figures for a financial period to the forecast of sales for the same period? (A) Collecting market ... show full transcript
Worked Solution & Example Answer:What is the function of management that involves comparing sales figures for a financial period to the forecast of sales for the same period? (A) Collecting market research data (B) Comparing cash and credit sales (C) Implementing financial plans (D) Monitoring the achievement of marketing plans - HSC - SSCE Business Studies - Question 9 - 2002 - Paper 1
Step 1
Identifying the correct function of management
Answer
The function of management that involves comparing actual sales figures to forecasted figures is crucial for evaluating business performance. The comparison allows management to assess whether sales strategies are effective.
Among the options given:
- (A) Collecting market research data pertains to gathering information but does not directly relate to comparing sales.
- (B) Comparing cash and credit sales focuses on payment types rather than overall sales against forecasts.
- (C) Implementing financial plans involves execution rather than assessment.
- (D) Monitoring the achievement of marketing plans directly involves comparing actual performance metrics to goals, including sales figures against forecasts.
Thus, the most appropriate choice is (D) Monitoring the achievement of marketing plans.