Forecasting provides very useful projections for established products and services, but newly introduced products and services have wildly different success results. Name and discuss at least one product and one service that exploded with exponential increase in demand shortly after their introduction. What about products and services (2) that have largely been ignored?

Sample Solution

Product: Smartphones

Smartphones were first introduced in the late 1990s, but they did not become mainstream until the early 2000s. In the years since, smartphones have become one of the most popular products in the world, with billions of units sold each year. The demand for smartphones has exploded due to a number of factors, including their increasing affordability, their powerful features, and their ability to connect people to the internet.

Service: Netflix

Netflix was founded in 1997, but it did not become a major player in the entertainment industry until the early 2000s. In the years since, Netflix has become one of the most popular streaming services in the world, with over 200 million subscribers. The demand for Netflix has exploded due to a number of factors, including its large library of movies and TV shows, its low price, and its convenience.

Here are some examples of products and services that have largely been ignored:

Product: Virtual reality headsets

Virtual reality headsets were first introduced in the early 2010s, but they have not yet achieved widespread adoption. The demand for virtual reality headsets has been slow to grow due to a number of factors, including their high price, their lack of content, and the fact that they are not yet seen as essential by most consumers.

Service: Online music streaming

Online music streaming services were first introduced in the early 2000s, but they have not yet achieved widespread adoption in some parts of the world. The demand for online music streaming services has been slow to grow in some parts of the world due to a number of factors, including the availability of pirated music, the lack of awareness of these services, and the cost of data plans.

It is important to note that these are just a few examples, and there are many other products and services that have experienced varying levels of success since their introduction. The factors that contribute to the success or failure of a new product or service are complex and vary depending on the specific product or service.