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Abstract
The problem of improving accuracy in consumer product sales forecasting is investigated. A marketing simulation model using sales and marketing mix data from a company selling consumer specialties nationwide is developed. To address the forecasting problem, this model was designed such that the marketing mix is tailored to specialty consumer goods. This simulation model more closely predicted annual revenues and profits for the company for the 1985-89 period than non-tailored models.
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Notes on contributors
Conway L. Lackman
Conway Lackman (Ph.D., University of Cincinnati) teaches product development and marketing research at Duquesne University and has published articles in Industrial Marketing Management, Journal of Consumer Psychology, and Journal. Of Marketing Intelligence. From 1984-1991, he served the international telecommunication industry for AT&T as a director in product development (ISDN, TIRKS) and as Sr. Strategic Market Analyst-New Products. From 1975-1984, he was Director of Marketing Research and Planning for R.J. Reynolds and Continental Insurance Co.