Product forecasting is the science of predicting the degree of success a new product will enjoy in the marketplace. To do this, the forecasting model must take into account such things as product awareness, distribution, price, fulfilling unmet needs, and competitive alternatives.

Typical forecasting techniques include the following:

• Delphi: A group of field experts respond to a series of questionnaires
• Scenario: The forecaster generates different outcomes based on different starting criteria or scenarios
• Subjective: This allows forecasters to predict outcomes based on their subjective thoughts and feelings
• Time series: This measures data gathered over time to identify trends