Identify market analysis or demand forecasting methodologies

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Assignment:

Based on your knowledge of market analysis, and basic research, discuss information and assumptions that inform demand for a new product or a new product extension.

There are numerous new product forecast methodologies, and approaches include the following:

- Strategically important to the business

- Extremely uncertain future demand patterns

- Very unstable demand

- Little or no demand history

- Demand highly influenced by numerous external factors

- Sometimes done a few years before the product is even launched

- More suited for qualitative techniques

- Significant impact on the long-run profitability of the product

- In the majority of cases, it is performed by the marketing department

Identify one or more market analysis or demand forecasting methodologies or approaches and discuss what you think makes the approach effective for understanding demand and gaining funding for a new product offering.

Reference no: EM133233878

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