A Survey of New Product Forecasting Practices in Industrial High Technology and Low Technology Businesses

Market forecasting is invaluable to marketing professionals especially when trying to commercialize a new product or service. Accurate foreseeing helps managers develop strategies, identify priorities and allocate resources. But what forecasting techniques are associated with successful innovation?...

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Bibliographic Details
Published inIndustrial marketing management Vol. 28; no. 6; pp. 565 - 571
Main Authors Lynn, Gary S., Schnaars, Steven P., Skov, Richard B.
Format Journal Article
LanguageEnglish
Published New York Elsevier Inc 01.11.1999
Elsevier Sequoia S.A
Subjects
Failure
Forecasting techniques
High tech industries
Product introduction
Statistical analysis
Studies
Success
United States > US
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Summary:Market forecasting is invaluable to marketing professionals especially when trying to commercialize a new product or service. Accurate foreseeing helps managers develop strategies, identify priorities and allocate resources. But what forecasting techniques are associated with successful innovation? Do market forecasting techniques differ for high-tech vs. low-tech products? This research investigates these questions by studying 76 industrial new product projects: 38 successes and 38 failures from 38 high-technology companies and 38 low-technology companies. What we found was that some marketing techniques are better suited to high-tech products than low-tech and vice versa. In particular, successful high-tech industrial projects tended to rely more on internal qualitative forecasting techniques whereas low-tech industrial projects tended to rely more on conventional quantitative market-based techniques.
ISSN:0019-8501
1873-2062
DOI:10.1016/S0019-8501(98)00027-3