Imagine this...you were given the task of demonstrating to your President that there is enough demand for your new product to invest in the development of your product. What would you use to demonstrate potential demand? What pieces of information, financial expectations, etc to demonstrate demand. Tell me what you would use and why to assess demand.
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//The given discussion paper is based on the concept of the 'Demand Assessment' and the 'New Product Development'. The new product development by an Organization depends on the demand of the product in the new market. If there is enough demand, then, the company can invest in new product development. In this series, the concept of demand assessment is explained in this section, in detail.//
Demand Assessment: New product Development
All the firms usually take up an estimation of the demand for a new product to make further developments in that new product. An authentic analysis of the demand of the new product is beneficial for the business expansion and the developments in the new products. The demand estimation for the new product cannot be done through a sales forecasting method because these methods depend on the past sales data. In the demand estimation of a new product, past data has no use (Stevens, Winston, Sherwood & Dunn).
The company can invest on the further developments of a new product, if it has a very high potential demand in the market. The potential demand for a particular new product can be assessed through various factors. Some of the important factors are current sales data, competitor's analysis, data of potential customers, comparison of sales of a new product with the company's existing products, customer surveys etc.
//After understanding the importance of the demand assessment for the process of new product development; in the next section of the discussion paper, the factors which are essential for the assessment of the potential demand of a particular product, are discussed in a detailed manner.//
· Current Sales Data: The data of the current sales ...
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