Solving the Problems of New Product Forecasting

Solving the Problems of New Product Forecasting Description

An important consideration in solving the problems of new product forecasting entails distinguishing new product forecasting from the process of forecasting existing products. Particular differences between the two can be identified across the dimensions of data, analytics, forecast, plan, and measurement. For example, new product forecasting features little to no data with which to begin the process, whereas data are available and accessible in forecasting existing products. The minimal data situation requires a qualitative approach that lays out assumptions to provide transparency; in contrast, quantitative techniques are predominantly used when forecasting existing products. Different assumptions help construct a range of new product forecast outcomes on which company contingencies can be planned versus a singular point forecast for an existing product. And the measure of forecast accuracy, which is a common metric in forecasting existing products, must give way to meaningfulness so that the new product forecast is actionable. Recognizing new product forecasting as a cross-functional, company-wide process helps resolve the problems of new product forecasting. While incapable of remedying all problems, a properly understood and organized new product forecasting effort can help the company better prepare, execute, and support a new product launch, affording a greater propensity to achieve new product success.

Case Description Solving the Problems of New Product Forecasting

Strategic Managment Tools Used in Case Study Analysis of Solving the Problems of New Product Forecasting

STEP 1. Problem Identification in Solving the Problems of New Product Forecasting case study

STEP 2. External Environment Analysis - PESTEL / PEST / STEP Analysis of Solving the Problems of New Product Forecasting case study

STEP 3. Industry Specific / Porter Five Forces Analysis of Solving the Problems of New Product Forecasting case study

STEP 4. Evaluating Alternatives / SWOT Analysis of Solving the Problems of New Product Forecasting case study

STEP 5. Porter Value Chain Analysis / VRIO / VRIN Analysis Solving the Problems of New Product Forecasting case study

STEP 6. Recommendations Solving the Problems of New Product Forecasting case study

STEP 7. Basis of Recommendations for Solving the Problems of New Product Forecasting case study

Case Analysis of Solving the Problems of New Product Forecasting

Solving the Problems of New Product Forecasting is a Harvard Business (HBR) Case Study on Global Business , Texas Business School provides HBR case study assignment help for just $9. Texas Business School(TBS) case study solution is based on HBR Case Study Method framework, TBS expertise & global insights. Solving the Problems of New Product Forecasting is designed and drafted in a manner to allow the HBR case study reader to analyze a real-world problem by putting reader into the position of the decision maker. Solving the Problems of New Product Forecasting case study will help professionals, MBA, EMBA, and leaders to develop a broad and clear understanding of casecategory challenges. Solving the Problems of New Product Forecasting will also provide insight into areas such as – wordlist , strategy, leadership, sales and marketing, and negotiations.

Case Study Solutions Background Work

Solving the Problems of New Product Forecasting case study solution is focused on solving the strategic and operational challenges the protagonist of the case is facing. The challenges involve – evaluation of strategic options, key role of Global Business, leadership qualities of the protagonist, and dynamics of the external environment. The challenge in front of the protagonist, of Solving the Problems of New Product Forecasting, is to not only build a competitive position of the organization but also to sustain it over a period of time.

Strategic Management Tools Used in Case Study Solution

The Solving the Problems of New Product Forecasting case study solution requires the MBA, EMBA, executive, professional to have a deep understanding of various strategic management tools such as SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

Texas Business School Approach to Global Business Solutions

In the Texas Business School, Solving the Problems of New Product Forecasting case study solution – following strategic tools are used - SWOT Analysis, PESTEL Analysis / PEST Analysis / STEP Analysis, Porter Five Forces Analysis, Go To Market Strategy, BCG Matrix Analysis, Porter Value Chain Analysis, Ansoff Matrix Analysis, VRIO / VRIN and Marketing Mix Analysis.

We have additionally used the concept of supply chain management and leadership framework to build a comprehensive case study solution for the case – Solving the Problems of New Product Forecasting

Step 1 – Problem Identification of Solving the Problems of New Product Forecasting - Harvard Business School Case Study

The first step to solve HBR Solving the Problems of New Product Forecasting case study solution is to identify the problem present in the case. The problem statement of the case is provided in the beginning of the case where the protagonist is contemplating various options in the face of numerous challenges that Forecasting Forecast is facing right now. Even though the problem statement is essentially – “Global Business” challenge but it has impacted by others factors such as communication in the organization, uncertainty in the external environment, leadership in Forecasting Forecast, style of leadership and organization structure, marketing and sales, organizational behavior, strategy, internal politics, stakeholders priorities and more.

Step 2 – External Environment Analysis

Texas Business School approach of case study analysis – Conclusion, Reasons, Evidences - provides a framework to analyze every HBR case study. It requires conducting robust external environmental analysis to decipher evidences for the reasons presented in the Solving the Problems of New Product Forecasting.

The external environment analysis of Solving the Problems of New Product Forecasting will ensure that we are keeping a tab on the macro-environment factors that are directly and indirectly impacting the business of the firm.

What is PESTEL Analysis? Briefly Explained

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Solving the Problems of New Product Forecasting case study. PESTEL analysis of " Solving the Problems of New Product Forecasting" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

How to do PESTEL / PEST / STEP Analysis? What are the components of PESTEL Analysis?

As mentioned above PESTEL Analysis has six elements – political, economic, social, technological, environmental, and legal. All the six elements are explained in context with Solving the Problems of New Product Forecasting macro-environment and how it impacts the businesses of the firm.

How to do PESTEL Analysis for Solving the Problems of New Product Forecasting

To do comprehensive PESTEL analysis of case study – Solving the Problems of New Product Forecasting , we have researched numerous components under the six factors of PESTEL analysis.

Political Factors that Impact Solving the Problems of New Product Forecasting

Political factors impact seven key decision making areas – economic environment, socio-cultural environment, rate of innovation & investment in research & development, environmental laws, legal requirements, and acceptance of new technologies.

Policy Making Impact on Solving the Problems of New Product Forecasting

Government policies have significant impact on the business environment of any country. The firm in “ Solving the Problems of New Product Forecasting ” needs to navigate these policy decisions to create either an edge for itself or reduce the negative impact of the policy as far as possible.

Data safety laws – The countries in which Forecasting Forecast is operating, firms are required to store customer data within the premises of the country. Forecasting Forecast needs to restructure its IT policies to accommodate these changes. In the EU countries, firms are required to make special provision for privacy issues and other laws.

Competition Regulations – Numerous countries have strong competition laws both regarding the monopoly conditions and day to day fair business practices. Solving the Problems of New Product Forecasting has numerous instances where the competition regulations aspects can be scrutinized.

Import restrictions on products – Before entering the new market, Forecasting Forecast in case study Solving the Problems of New Product Forecasting" should look into the import restrictions that may be present in the prospective market.

Export restrictions on products – Apart from direct product export restrictions in field of technology and agriculture, a number of countries also have capital controls. Forecasting Forecast in case study “ Solving the Problems of New Product Forecasting ” should look into these export restrictions policies.

Foreign Direct Investment Policies – Government policies favors local companies over international policies, Forecasting Forecast in case study “ Solving the Problems of New Product Forecasting ” should understand in minute details regarding the Foreign Direct Investment policies of the prospective market.

Taxation & Regulation Impact on Solving the Problems of New Product Forecasting

Corporate Taxes – The rate of taxes is often used by governments to lure foreign direct investments or increase domestic investment in a certain sector. Corporate taxation can be divided into two categories – taxes on profits and taxes on operations. Taxes on profits number is important for companies that already have a sustainable business model, while taxes on operations is far more significant for companies that are looking to set up new plants or operations.

Tariffs – Chekout how much tariffs the firm needs to pay in the “ Solving the Problems of New Product Forecasting ” case study. The level of tariffs will determine the viability of the business model that the firm is contemplating. If the tariffs are high then it will be extremely difficult to compete with the local competitors. But if the tariffs are between 5-10% then Forecasting Forecast can compete against other competitors.

Government Scheme & Subsidies Impact on Solving the Problems of New Product Forecasting

Research and Development Subsidies and Policies – Governments often provide tax breaks and other incentives for companies to innovate in various sectors of priority. Managers at Solving the Problems of New Product Forecasting case study have to assess whether their business can benefit from such government assistance and subsidies.

Consumer protection – Different countries have different consumer protection laws. Managers need to clarify not only the consumer protection laws in advance but also legal implications if the firm fails to meet any of them.

Political System & Stability, and its Impact on Solving the Problems of New Product Forecasting

Political System and Its Implications – Different political systems have different approach to free market and entrepreneurship. Managers need to assess these factors even before entering the market.

Freedom of Press is critical for fair trade and transparency. Countries where freedom of press is not prevalent there are high chances of both political and commercial corruption.

Corruption level – Forecasting Forecast needs to assess the level of corruptions both at the official level and at the market level, even before entering a new market. To tackle the menace of corruption – a firm should have a clear SOP that provides managers at each level what to do when they encounter instances of either systematic corruption or bureaucrats looking to take bribes from the firm.

Independence of judiciary – It is critical for fair business practices. If a country doesn’t have independent judiciary then there is no point entry into such a country for business.

Government attitude towards trade unions – Different political systems and government have different attitude towards trade unions and collective bargaining. The firm needs to assess – its comfort dealing with the unions and regulations regarding unions in a given market or industry. If both are on the same page then it makes sense to enter, otherwise it doesn’t.

Economic Factors that Impact Solving the Problems of New Product Forecasting

Social Factors that Impact Solving the Problems of New Product Forecasting

Technological Factors that Impact Solving the Problems of New Product Forecasting

Environmental Factors that Impact Solving the Problems of New Product Forecasting

Legal Factors that Impact Solving the Problems of New Product Forecasting

Step 3 – Industry Specific Analysis

What is Porter Five Forces Analysis

PESTEL stands for political, economic, social, technological, environmental and legal factors that impact the external environment of firm in Solving the Problems of New Product Forecasting case study. PESTEL analysis of " Solving the Problems of New Product Forecasting" can help us understand why the organization is performing badly, what are the factors in the external environment that are impacting the performance of the organization, and how the organization can either manage or mitigate the impact of these external factors.

Step 4 – SWOT Analysis / Internal Environment Analysis

Step 5 – Porter Value Chain / VRIO / VRIN Analysis

Step 6 – Evaluating Alternatives & Recommendations

Step 7 – Basis for Recommendations

References :: Solving the Problems of New Product Forecasting case study solution