Problem
Before a product is created, the marketer must determine if there is a demand for the product and how much demand, based on customer needs and wants. If sufficient demand does not exist, the company might invest a lot of money in developing a product that no one purchases. Many products have been unsuccessfully launched in the past with insufficient and inaccurate demand forecasting.
1) Based on Smith & Armstrong's data (table 3.3, p. 74), how would you change a food product of your choice for a global consumer?
2) Forecast the demand for the food product you changed above. What type of data would you be looking for, and how would you obtain it?
Reference: U.S. Labor Department (2019). Bureau of the Census: International database.