In forecasting the future sales of existing old products, the past experiences and informations may be considered, but for new products such facilities are not available.
The work of forecasting sales of new products, this is not an easy job. However, the following possible
approaches to the problem of forecasting demand for new products may be suggested:
1. Project the demand for the new product as on substitute of some existing products and services.
2. Project the future trend of demand for new product with the help of existing old products similar to the new product.
3. Estimate the demand by making direct enquiries from the ultimate purchasers regarding their opinion and preferences about the new product.
4. Estimate the sales for new product on the basis of the opinion and advice of sales agents.
5. Distribute the new product to the pubic as a sample and estimate the likely demand.
6. Analyse the general trend of market through market research and decide the expected quantity for new product which can be sold.
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