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

In order to minimize the forecasting errors in forecasting new product, it is essential to use the forecasting technique according to new product rather than the techniques of existing products. To distinguish each of the two techniques, particular differences can be found across the dimensions of data, analytics, forecast, plan, and measurement. For instance, to forecast the existing product there is the availability of data while for the forecasting of new products there is too little or even no data available.

A quantitative approach is generally used in the forecasting of existing products, on the other hand, to forecast the new product it needs to utilize the qualitative techniques due to lack of availability of data and to give transparency. It helps to construct various results of the new product forecast, which ultimately enables the company to plan for contingencies versus a singular point forecast for an existing product. It is essential to derive the meaning from the measure of forecast accuracy in order to make the new product forecast actionable.

Companies have to distinguish new product forecasting as a cross-functional, company-wide process that consequently create ways to overcome the issues of new product forecasting. However, in presence of lack of expertise of resolving problems, a complete concentration and strong efforts towards new product forecasting can lead the company to support a new product launch through better preparation and execution which result in the success of new product.

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