Methods to forecast for new products
All businesses introduce new products for various reasons. The new products poses challenge for the planners and marketing executives to estimate the demand for them for merchandise and supply planning purposes. The primary reason being the lack of historical data that can be used for forecasting.
This course addresses this challenge by discussing concepts and techniques available for forecasting demand of new products. These techniques are ‘By Analogy’ and ‘Bass Diffusion’ including a live demonstration using a planning software.
While Analogy is the more popular technique, the issue most planners face in this technique is in choosing the right analogue product. The course also discusses the clustering technique that can deployed to help pick the right analogue product to assist in this technique.
FREE New Product Forecasting Process course coupon