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What will be the various methods of forecasting for a new product if a manufacturing company is planning to release a new product into market?
Wiki User
∙ 14y ago
Methods of forecasting Broadly Speaking, there are two methods of demand forecasting. They are 1. Survey methods 2 Statistical methods Survey Methods Survey methods helps us in obtaining information about the future purchase plans of potential buyers through collecting the opinions of experts or by interviewing the consumers. These methods are extensively used in short run and estimating the demand for new products A) Consumer's Interview Method: Efforts are made to collect the relevant information directly from the consumers with regard to their future purchase plans. B) Opinion survey method : Under this method, sales representatives, professional experts and the market consultants and others are asked to express their considered opinions about the volume of sales expected in the future. C) Experts Opinion Method : Under this method, outside experts are appinted. They are supplied with all kinds of information and statistical data. The management requests the experts to express their considered opinions and views about the expected future sales of the company D) Output Method - Under this method, the sale of the product under consideration is projected on the basis of demand surveys of the industries using the given product as an intermediate product Statistical Method Statistical, mathematical models, equations etc are extensively sed in order to estimate future demand of a particular product 1 Trend Projection Method- On the basis of time series, it is possible to project the future sales of a company 2 Economic Indicator An economic indicator indicates change in the magnitude of an economic variable. It gives the signal about the direction of change in an economic variable.
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∙ 14y ago
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