Edited by Peter N. Golder and Debanjan Mitra
Chapter 9: The state of new product design and forecasting research: recent developments and future directions
This chapter offers a state-of-the-art review of the research on new product design (NPD) and demand forecasting (NPF) with a focus on initial releases of new products. Based on a conceptual framework rooted in the consumer choice process, this review is organized around the consumer, product, and contextual factors that influence new product design and diffusion. It also describes advances of related research methodologies, particularly in light of the enriched data opportunities in the digital marketing era. Various avenues of future research are then identified, such as effective utilization of digital media and big data for new product design and demand forecasting, new methods for tracing multi-media communications and path-to-purchase; and novel approaches for designing and forecasting demand for experiential and really new products.
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