Solving the Problems of New Product Forecasting Harvard Case Solution & Analysis

An important concern in solving the difficulties of new product forecasting entails distinguishing new product forecasting from the process of forecasting existing products. Particular differences between both could be identified across the dimensions of data, analytics, forecast, strategy, and measurement.

For instance, new product forecasting features little to no data with which to execute the procedure, whereas information is available and accessible in forecasting existing products. The minimal data scenario requires a qualitative approach that lays out premises to provide transparency; in comparison, quantitative techniques are mainly used when forecasting existing products. Different assumptions help assemble a variety of new merchandise forecast outcomes on which business eventualities might be planned versus a remarkable prediction for an existing merchandise. And the measure of forecast accuracy, which is a standard metric in forecasting products that are existing, must give way to meaningfulness in order that the new product outlook can be executed.

Terming the new product forecasting as cross-functional, the company process aids in resolving the issues of new product forecasting. While incapable of repairing all problems, a new product that is organized and properly understood forecasting attempt can assist the company better prepare, carry out, and support a new product launch, affording a greater propensity to attain new product success.

PUBLICATION DATE: September 15, 2014 PRODUCT #: BH628-HCB-ENG

This is just an excerpt. This case is aboutĀ GLOBAL BUSINESS

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