the process of forecasting new products is difficult. why? how can new peoducts be forecast?

Expert Solution

The process of predicting new product is a little bit difficult because a new product will not have any past background. One of the main tools used for prediction is past information about a product. predicting the new product will be much difficult due to this reason.so the tool that everybody applies is seeking experts' opinions about the market conditions and customers' willingness to buy the product. Not only for new products but also for everything the prediction will be almost correct when having past information and experts' opinions. So in case of a new product, it won't be an easy task. Before introducing a product to the market, the producer should study the demand of the customers and market conditions. Here for prediction quantitative forecasting method is applying, we use Market research and the Delphi method

Market research means to communicate with several customers to know their desire to buy a product. Delphi method include taking opinions from several experts about the demand and market conditions.

ekkarill92 answered 1 year ago

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