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Get Help Now!Topic: Global Market Adaption and Forecasting Demand
Before a product can be created, the marketer must determine if there is a demand for the product as well as how much of a demand, based on customer needs and wants. If sufficient demand does not exist, the company might invest a lot of money in developing a product that no one actually purchases. There are many products that have been unsuccessfully launched in the past with insufficient and inaccurate demand forecasting. .
- Based on Smith & Armstrong’s data (table 3.3, p. 74), how would you change a food product of your choice for a global consumer?
- Forecast the demand for the food product you changed above. What type of data would you be looking for and how would you obtain it?
Resources:
Statista (2019). Retrieved from https://www.statista.com/
U.S. Labor Department (2019). Bureau of the Census: International database. Retrieved from https://www.census.gov/data-tools/demo/idb/informationGateway.php
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