--%>

Explain the forecasting demand for a new product

Explain the forecasting demand for a new product.

E

Expert

Verified

Joel Dean has recommended six approaches for forecasting the demand for new products.

1. Evolutionary Approach: Under this method, for new product is estimated the demand on the basis of existing product. For example: Demand forecasting of colour Television upon the basis of demand for black and white Television.

2. Substitute Approach: For the new product the demand is analyzed like substitute for the existing product.

3. Growth curve Approach: On the origin of the development of an established product, for the new product the demand is estimated.

4. Opinion Polling Approach: Under this approach, for the new product demand is estimated through inquiring directly by the consumers using sample survey.

5. Sales Experience Approach: This demand is estimated through supplying the new product in a sample market and analyzing the instant response on that product within the market.

6. Vicarious Approach: Consumers reactions upon the new products are determined indirectly with the assist of specialized dealers.

   Related Questions in Managerial Economics

  • Q : Illustrates the important leading

    Illustrates the important leading indices?

  • Q : More Labor productivity American

    American workers tend to be more productive than counterparts of their in South America or Asia into part since they have: (1) superior natural genetic endowments. (2) access to better sports programming, that promotes teamwork. (3) more capital to work with, and supe

  • Q : Introduction of the term Marginal

    Provide a brief introduction of the term Marginal Costing? And also write down the essential suppositions made by Marginal Costing?

  • Q : Equal pay for equal work rule Rigid

    Rigid enforcement of “equal-pay-for-equal-work” law would: (w) raise the wage of minority workers who had been discriminated against. (x) lower the wages of “favored” non minority workers who had received higher wages before. (

  • Q : Causes of Business Cycle Illustrates

    Illustrates the causes of business cycle?

  • Q : Recovery - Phases of business cycle

    Explain about the term Recovery in phases of business cycle.

  • Q : Define the term cost plus pricing

    Define the term cost plus pricing.

  • Q : Labor Supplies in Competitive Markets

    The individual firm in a purely competitive labor market: (1) faces a perfectly elastic supply of labor at the equilibrium wage. (2) faces a perfectly inelastic supply of labor at the equilibrium wage. (3) has a perfectly elastic demand for labor at t

  • Q : Occupational Crowding in Wage

    Disadvantaged groups have historically been pressured toward low wage jobs in a procedure termed as: (1) occupational crowding. (2) labor staggering. (3) systemic discrimination. (4) reverse favoritism. (5) nepotism.

    Q : Illustrates the criteria for good

    Illustrates the criteria for good forecasting method?