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New-Product Forecasting

Part 5. Product Innovation and Management

  1. Kenneth B. Kahn

Published Online: 15 DEC 2010

DOI: 10.1002/9781444316568.wiem05011

Wiley International Encyclopedia of Marketing

Wiley International Encyclopedia of Marketing

How to Cite

Kahn, K. B. 2010. New-Product Forecasting. Wiley International Encyclopedia of Marketing. 5.

Author Information

  1. Virginia Commonwealth University,, Richmond, VA, USA

Publication History

  1. Published Online: 15 DEC 2010

Abstract

New-product forecasting represents the endeavor to come up with a meaningful estimate on which to guide new-product development and product launch decision making. There are numerous forecasting techniques available, which can be organized into three categories such as judgmental techniques, quantitative techniques, and customer/market research techniques. No single technique is found to be the best, indicating the need for careful application of techniques in appropriate situations. Using a well-structured new-product forecasting process also appears to result in a greater propensity for new-product forecasting success. This emphasizes that new-product forecasting goes beyond technique application into process management.

Keywords:

  • market forecast;
  • market potential;
  • new-product forecasting;
  • accuracy;
  • new-product forecasting process;
  • sales forecast;
  • sales potential