Discussion Board – Forecasting New Products and Services Forecasting provides very useful projections for established products and services, but newly introduced products and services have wildly different success results. Name and discuss at least one p

Question Description

Discussion Board – Forecasting New Products and Services

Forecasting provides very useful projections for establishedproducts and services, but newly introduced products and services havewildly different success results. Name and discuss at least one productand one service that exploded with exponential increase in demandshortly after their introduction. What about products and services (2)that have largely been ignored?

-250 words

Example Format (For reference) :

Inassessing the demand for a product or service and considering thesubstitution effect, the first thing to consider is the demand schedule.According to research, the demand schedule shows exactly how many unitsof a product or service will be bought at each price and it is the fullrepresentation of the data given in the demand curve (Amadeo, 2018p.1). One determinant for the demand schedule, i.e. a change in demandfor a product as it relates to a change in price, is the price ofrelated products.

Formy example, Big Red soda there is no related-substitute product.Therefore, the demand schedule stays very consistent. Big Red is anextremely elastic product meaning that the quantity demanded will reactto a change in price when all other determinants are held constant(McGuigan, Moyer, & Harris, 2019, p. 72). Northern Virginia has theproduct in one location – Cracker Barrel restaurants. Therefore, thedemand schedule is based on the number of Texans in the area that aredrinkers of this Austin Texas based and developed product that is 90 %consumed by African Americans and 80% Caucasian (Numerator Insight, p.1).

Inassessing demand and determining the substitution effect, there is nosubstitution effect for Big Red soda. What has your research shown aboutyour favorite product or service.

Reference:

Amadeo,K. (2018, December 07). Demand Schedule Explained. Retrieved fromhttps://www.thebalance.com/demand-schedule-definition-and-real-life-example-3305719.

McGuigan, J. R., Moyer, R. C., & Harris, F. H. (2017). Managerial Economics: Applications, Strategy, and Tactics. Boston, MA: Cengage.

Numerator Insight. Retrieved from http://snapshot.numerator.com/brand/big_red_soda.

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