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Binita Sarkar
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Level 1
Asked: 2019-11-10T22:52:13+00:00 In:

What methods and approaches can be used for new product forecasting?

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I am used to Excel and crunching historical numbers. But I am now asked to prepare a market penetration strategy for our new upcoming product.

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    1. Sophia Cyrus
      Level 2

      There are several quantitative and qualitative techniques which can be used for forecasting new product.  They can vary based on various factors such as the nature of the product, the nature of the market, data availability, etc.

      Judgmental Methods

      • Jury of Executive Opinion
      • Sales Force Composite
      • Scenario Analysis
      • Assumptions-Based Modeling
      • Decision Trees
      • Delphi Method

      Customer/Market Research Quantitative

      • Concept Testing
      • Product Use Testing
      • Market Testing
      • Pre-Market Testing

      Quantitative Forecasting Methods (Econometric/Statistical)

      Time Series

      • Trend Line Analysis
      • Moving Average
      • Exponential Smoothing
      • Looks-Like Analysis
      • Diffusion Modeling
      • ARMA/ARIMA

      Causal/Regression Modeling

      • Linear Regression
      • Event Modeling
      • Nonlinear Regression
      • Logistic Regression

      Other Quantitative Techniques

      • Expert Systems
      • Neural Networks
      • Simulation
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