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In this eventful situation, the first step would include the initial demand of the product. This can be possible by the demand forecasting techniques. In demand forecasting we use the qualitative as well as quantitative methods. Demand forecasting is used to determine future demand of the product. For this purpose, we must forecast the initial demand. Forecasting is necessary for launching any new product in the market. For every organization, it is necessary to forecast the demand of product because a new product launching in a market is not a guarantee for success always. Sometimes organization faces losses because of launching new product in the market. It is not necessary that a new product always liked by the customer. This is the reason behind the forecasting. Our purpose to forecast that will the new product like by the customer or not. Organizations define the new product in different ways. The new product may be in the terms of cost improvement. It may be the quality improvement in existing product. To propose initial demand of new product we use different techniques. These techniques may be qualitative technique or quantitative technique. Delphi Method- Delphi method is the qualitative technique by which we can propose forecasting regarding the new cereal product. In this method we have a group of experts. The experts answer the questionnaires in many rounds (Jacobs & Chase, 2020). A facilitator summary the result of questionnaire every time to get the single solid result. This process is repeated until the facilitator does not get a single common answer which helps to forecast the demand of new product in the market. Time series method- This is a type of quantitative method. After launching of new product, we continuously take the observations at a regular time interval over a period. By taking observation at a regular interval, an organization can forecast the success or failure of the new product in the market. The interval to take observation may be monthly or quarterly depending on organizations comfort. Qualitative and quantitative forecasting methods are complements to each other (Kenton, 2020). Sometimes qualitative techniques are used to follow up the quantitative techniques results to get the better accuracy in forecasting of new product and sometime quantitative techniques follow up the qualitative techniques tech to understand what the actual means of the result of forecasting is. Sometimes we use both methods at the same time. Result from one method can be rectified by the other method. We use quantitative technique to study the different set of variables involved in forecasting and the use of qualitative technique is to study the complexities in the forecasting to launch a new product. Each type of data has their importance. So, this is the reason why both type of techniques is complementing to each other.