Forecasting Method
Introduction
Wilkins Company was acquired in 1971 by Zurn Industries, and later in 1998 Zurn Industries merged with U.S Industries Bath & Plumbing Products Co. and changed its name to Jacuzzi Brands in 2003. Wilkins Regulatory Company specializes in producing and selling high quality plumbing products, fire production, municipal waterworks and irrigation customer markets. The main products commercialized are Pressure Vacuum Breakers (PVBs) and Fire Valves. Although they provide these various products, Wilkins gains the majority of their revenues from general plumbing (50%) and irrigation demands (25%).
Sales experienced growth rate that surpassed that of the industry
High Inventory holding costs
Growth achieved due to favorable pricing
Innaccurate forecasting methods Several factors affect the future demand of Wilkins products, one of which is commercial and institutional construction activities. Furthermore seasonality, new building initiations, remodeling, the actual construction of homes and finally the product and price promotions are all key factors that play a big part when it comes to future demand forecasting. After thorough examination of the company’s actual demand, we concluded that it is highest in the Spring and Summer seasons which make up the third and fourth fiscal quarters in the year. In order to increase accuracy and ease of Wilkin’s forecasting results, it is necessary to assess and improve the current strategy.
SWOT Analysis
Internal Strengths and Weaknesses
Strenghts Weaknesses
External Opportunities and Threats
Opportunities Threats
Growth of the construction sector
Decline in Market growth
Increase in remodeling orders and installation off ire safety equipment
Uncontrollable factors such as the weather, competitor actions
Current Forecasting Method Used By Wilkins
The
Wilkins Company was acquired in 1971 by Zurn Industries, and later in 1998 Zurn Industries merged with U.S Industries Bath & Plumbing Products Co. and changed its name to Jacuzzi Brands in 2003. Wilkins Regulatory Company specializes in producing and selling high quality plumbing products, fire production, municipal waterworks and irrigation customer markets. The main products commercialized are Pressure Vacuum Breakers (PVBs) and Fire Valves. Although they provide these various products, Wilkins gains the majority of their revenues from general plumbing (50%) and irrigation demands (25%).
Sales experienced growth rate that surpassed that of the industry
High Inventory holding costs
Growth achieved due to favorable pricing
Innaccurate forecasting methods Several factors affect the future demand of Wilkins products, one of which is commercial and institutional construction activities. Furthermore seasonality, new building initiations, remodeling, the actual construction of homes and finally the product and price promotions are all key factors that play a big part when it comes to future demand forecasting. After thorough examination of the company’s actual demand, we concluded that it is highest in the Spring and Summer seasons which make up the third and fourth fiscal quarters in the year. In order to increase accuracy and ease of Wilkin’s forecasting results, it is necessary to assess and improve the current strategy.
SWOT Analysis
Internal Strengths and Weaknesses
Strenghts Weaknesses
External Opportunities and Threats
Opportunities Threats
Growth of the construction sector
Decline in Market growth
Increase in remodeling orders and installation off ire safety equipment
Uncontrollable factors such as the weather, competitor actions
Current Forecasting Method Used By Wilkins
The