Definition
from strategies-for-uncertainty.com
A marketing forecasting model is an analytical technique that represents causal relationships among various conditions and actions taken to achieve specific business results, and forecast future outcomes of various potential actions and conditions. [1]
New product forecasting models are used to forecast the performance (e.g., trial, repeat, sales, market share) of new products and services and include three major types of models: [2]
- those based on management subjective estimates;
- those based on analogy to a similar product that had been previously introduced to the market; and
- those based on consumer studies.
References
- Relaunch Research. ARF and ESOMAR Research Leadership Summit (RELEAS), Geneva, Switzerland, 2003.
- American Marketing Association, AMA Dictionary