--%>
Assignment Help - homework help

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 : Wage rate and labor in supplying By the

    By the following choices in this illustrated graph, this worker would be happiest at point: (w) point a. (x) point b. (y) point c. (z) point d.

    Q : Elasticity of demand for labor and type

    The relationship between the elasticity of demand for labor and the elasticity of demand for a specific type of output the labor produces is: (1) uniformly negative. (2) uniformly positive. (3) zero. (4) curvilinear. (5) highly variab

    		•
  • Q : Determine marginal resource cost of

    If hiring hundred extra workers increases the firms total cost through $10,000, and each extra worker increases output from 50 units, in that case on the average: (w) profit will fall by $10,000. (x) the value of the marginal product of labor is $10,0

    		•
  • Q : Illustrates terms total cost

    Illustrates the terms total cost, average cost and also marginal cost?

    		•
  • Q : States the implicit cost concept briefly

    States the implicit cost concept briefly.

    		•
  • Q : Economic Efficiency to make one person

    When an economic alteration makes one person better off whereas no one else is affected, then this is: (w) efficient to make the change. (x) traumatic to make the change. (y) neither good nor bad for society. (z) strictly a positive value judgment to

    		•
  • Q : Production of food-and-clothing economy

    In an entirely employed food-and-clothing economy, continual equivalent reductions in food output generally will make it: (1) Essential to decrease clothing output uniformly. (2) Probable to generate successively bigger increases in clothing output. (

    		•
  • Q : Estimate average wage differentials

    From the fact which the average wages of women into the United States is lower than the average wages of men, we can estimate that women are: (1) discriminated against in hiring and pay. (2) less qualified workers than men. (3) less interested into wa

    		•
  • Q : Price Taker in Labor Supply Curves

    When a firm is a price taker in the labor market, in that case the: (w) wage is constant for any quantity of labor this would hire. (x) marginal resource cost of labor is constant for any quantity of labor this would hire. (y) wage equals the marginal

    		•
  • Q : Explain the money cost concept briefly

    Explain the money cost concept briefly.

    		•