A unified strategy for forecasting of a new product

Abstract

In the field of new-product forecasting, forecasting by analogy is a well-known technique. In this paper, on the basis of a review of relevant literature, nine desirable characteristics for an analogy-based new-product forecasting technique are purported. Also, a methodology that addresses the purported desirable characteristics for new-product forecasting is proposed. The methodology is demonstrated by considering a total of eleven different items that include consumer durables and information and communication technology (ICT) products and services in India. The proposed methodology offers a unified platform for building an information system that typically involves men and machine.