ABSTRACT
This chapter presents literature insights on new product forecasting, results of the Product Development and Management Association (PDMA) benchmarking study, and observations from company experiences to help organize and outline thinking around applied new product forecasting. Through its 1999 sponsored research program, the PDMA commissioned a new product forecasting benchmarking study to identify current industry practices and attempt to identify preferable, if not better, practices related to new product forecasting. Such practices included department involvement in the new product forecasting effort, technique usage, and new product forecast accuracy. Managers associated with the PDMA, the Institute of Business Forecasting (IBF), and a university-based marketing analysis consortium served as the respondents for the PDMA benchmarking study. The combined dataset, which was collected in 2000, comprised a total of 168 respondents from a cross-section of industries that included automotive products, medical products, health and beauty products.
