Explain the forecasting demand for a new product
Explain the forecasting demand for a new product.
Expert
Joel Dean has recommended six approaches for forecasting the demand for new products.
1. Evolutionary Approach: Under this method, for new product is estimated the demand on the basis of existing product. For example: Demand forecasting of colour Television upon the basis of demand for black and white Television.
2. Substitute Approach: For the new product the demand is analyzed like substitute for the existing product.
3. Growth curve Approach: On the origin of the development of an established product, for the new product the demand is estimated.
4. Opinion Polling Approach: Under this approach, for the new product demand is estimated through inquiring directly by the consumers using sample survey.
5. Sales Experience Approach: This demand is estimated through supplying the new product in a sample market and analyzing the instant response on that product within the market.
6. Vicarious Approach: Consumers reactions upon the new products are determined indirectly with the assist of specialized dealers.
Who is the father of economics and what is wealth definition of economics?
Pure economic rents for different parcels of land do not reflect differences within their: (1) marginal productivities. (2) fertility. (3) quantities of valuable minerals and ores. (4) amounts of capital improvements. (5) relative capability to reduce
The individual household within a purely competitive labor market as: (w) has a perfectly elastic supply of labor at the market wage. (x) has a perfectly inelastic supply of labor at the market wage. (y) faces a perfectly elastic demand for its labor
Huge parts of the enormous incomes earned through some gifted athletes and performers are pure economic: (w) wages. (x) profits. (y) interest. (z) rents. Hello guys I want your advice. Please recom
Illustrates about the Barometric techniques?
Explain the term business cycle in brief.
Differentiate between extension/contraction and shift in demand?
Average female wages are historically beneath the average for male workers due to: (w) concentration in low income occupations. (x) placement in low status job positions. (y) lower admission in professional schools and skilled trades.
What is Constant Returns to scale?
When the wage rate paid for labor raises, in that case the: (1) supply of labor increases (2) opportunity cost of leisure rises. (3) workers always supply more labor. (4) level of national income increases. (5) opportunity cost of leisure falls.
18,76,764
1945196 Asked
3,689
Active Tutors
1447677
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!