-: Demand Forecasting :-
A technique in which we estimate the probability of demand for a product or service in the future is known as demand forecasting .
-:Demand Forecasting of a New Product:-
The demand forecasting is the scientific tool to predict the likely demand of a product in the future . The demand of new product can be forecasted by anyone of the following techniques-
1- Evolutionary Approach
2- Substitute Approach
3- Buyers or Consumers view
4- Experts opinion / Vicarious approach
5- Sales experience approach / Market test method
1- Evolutionary Approach :- In this method it is assumed that the new product will be considered an improvement over existing products . It is further assumed that the new product can follow some life - cycle as of existing products .
The sales of exiting products are analysed and efforts are made to forecast the sales of the new product of the enterprices by this method .
2- Substitute Approach :- In this method , the demand of substitute product is analysed and on the basis of such analysis forecasts are made for the new product to be introduced in the market .
This method is based on the assumptions that a new product will be analyzed as a substitute of an exiting product .
3- Buyers / Consumers view :- In this method , the potential buyers of the product are contacted and efforts are made to know their opinions regarding new product sales forecasting of the new product are based on these opinions and estimates .
4- Expert's opinion :- This method is based on the opinion of experts in the field of marketing , who know the needs , desires , tastes and preferences of customers . Experts are contacted and their opinion are collected regarding the utilities and possible demand of the product . It is also known as vicarious approach .
5- Market test method :- In this method , the new product is offered for sale in a sample market for a fixed period . The results of the sales of the product are considered to be the base of forecasting the demand for the new product . The result of sales of forecasting the demand for the new product . The results of sales of the product in these segments are collected and deeply analyzed.
Also Read:-
Demand Forecasting , Purpose , Significances , Scope , Types Of Demand Forecasting
Supply, Law Of Supply , Assumption, Limitations Of Law Of Supply, Factors Affecting Supply
A technique in which we estimate the probability of demand for a product or service in the future is known as demand forecasting .
-:Demand Forecasting of a New Product:-
The demand forecasting is the scientific tool to predict the likely demand of a product in the future . The demand of new product can be forecasted by anyone of the following techniques-
1- Evolutionary Approach
2- Substitute Approach
3- Buyers or Consumers view
4- Experts opinion / Vicarious approach
5- Sales experience approach / Market test method
1- Evolutionary Approach :- In this method it is assumed that the new product will be considered an improvement over existing products . It is further assumed that the new product can follow some life - cycle as of existing products .
The sales of exiting products are analysed and efforts are made to forecast the sales of the new product of the enterprices by this method .
2- Substitute Approach :- In this method , the demand of substitute product is analysed and on the basis of such analysis forecasts are made for the new product to be introduced in the market .
This method is based on the assumptions that a new product will be analyzed as a substitute of an exiting product .
3- Buyers / Consumers view :- In this method , the potential buyers of the product are contacted and efforts are made to know their opinions regarding new product sales forecasting of the new product are based on these opinions and estimates .
4- Expert's opinion :- This method is based on the opinion of experts in the field of marketing , who know the needs , desires , tastes and preferences of customers . Experts are contacted and their opinion are collected regarding the utilities and possible demand of the product . It is also known as vicarious approach .
5- Market test method :- In this method , the new product is offered for sale in a sample market for a fixed period . The results of the sales of the product are considered to be the base of forecasting the demand for the new product . The result of sales of forecasting the demand for the new product . The results of sales of the product in these segments are collected and deeply analyzed.
Also Read:-
Demand Forecasting , Purpose , Significances , Scope , Types Of Demand Forecasting
Supply, Law Of Supply , Assumption, Limitations Of Law Of Supply, Factors Affecting Supply
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