Your SlideShare is downloading. ×
Assignment Week 2 - Market Research
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Assignment Week 2 - Market Research

108
views

Published on


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
108
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. The Important of “New” Using Market Research For Product Development 1. New concept – completely new products that have arisen as a result of innovation and which can sometimes create new markets. Market research product lifecycle 2. Additions to existing product lines New products that supplement established product lines. 3. Modifications of existing products Existing products that are modified in order to better meet customer needs, such as improved performance.
  • 2. PRE BIRTH Q.1: What research can Apple do before launch new product? Establishing Needs It is the role and responsibility of the researcher to use the understanding of the needs of the market to find applications for new products that will satisfy these needs KEY QUESTIONS • Is the purpose of the concept clear and can potential users be persuaded of the product's benefits? (This will show the clarity and purpose of the offering.) • Does the product meet a need? What is the specific nature of potential users' requirements? (This will assess the demand for the product.) • How are existing products used, i.e. for how long, how frequently, precisely what for etc.? (This will show the behavior of people buying existing products.)
  • 3. PRE BIRTH Q.1: What research can Apple do before launch new product? KEY QUESTIONS • What challenges do people face in using existing products and what requirements are not being met? To what extent are users of current products satisfied with these products and their suppliers? (This will identify any gaps in the market.) • Is the price reasonable in light of the concept's perceived benefits? (This will show if people are prepared to pay an appropriate price for the new product.) • How likely are potential users to buy the product? (This will show purchase intent, i.e. how many people are likely to buy the new product – at least at face value as this will certainly be affected by the promotional push.)
  • 4. Q.2: What research can Apple do in the product development cycle? YOUTH Stimulating Product Take-Up KEY QUESTIONS Market Assessment Studies (or Market Opportunity Analysis) Pricing Research Advertising Research (or ad testing) • Where does the product/company stand at this point in time? • How can it achieve its goals? • Where does it wish to go?
  • 5. MATURITY Q.2: What research can Apple do in the product development cycle? Improving Product Performance Market research can be used here for exploring optimum price points, for determining market share and market size, and for gauging attitudes towards the consumption of the product Customer Satisfaction Research in order to retain existing customers and hopefully attract potential customers Segmentation Research to determine how to tailor an offering to meet the needs of different segments Pricing Research to determine optimal price points so as to achieve maximum profits
  • 6. RESEARCH BRIEF Q.3: What are the key elements in Research Brief? 1. Market and Strategic Overview This helps researchers understand where this project fits in the overall strategy, vision and values, and business objectives: • Define the market and explain its dynamics • Major players and key competitors • Past and current activity • Target markets • Factors such as regulations, seasonality, distribution, pricing, communication, etc. 2. Background and Role of the Research This is the most important part of the brief, as it specifies where the research fits in your marketing activity, and more specifically, the types of decisions and plans that will be made on the basis of the research: • Reasons for the research • Where does it fit into marketing programme development? • Which business units does the research impact and who is involved? • Make sure you identify any constraints on the action you can take as a result of the research
  • 7. RESEARCH BRIEF Q.3: What are the key elements in Research Brief? 3. Objectives There are usually two types of objectives that need to be explained: • Business objective - this is the objective of the marketing project the research is for, it is the overall strategic objective • Research objective - detailed objectives of what you need to know e.g. attitudes, behaviour, usage expectations, perceptions. Is it to understand, evaluate of explore (more qualitative objectives) or is it to measure, record, or ascertain (more quantitative objectives) 4. Suggested Approach & Research Target(s) Identify any preferences you might have: Are there any specific groups or subgroups you are interested in researching?
  • 8. RESEARCH BRIEF Q.3: What are the key elements in Research Brief? 5. Reporting Requirements Identify any requirements you might have • Topline or final report only • Word report and/or PowerPoint • Presentations and/or Workshops 6. Timing Specify any real constraints that exist. However, please be realistic about whether your objectives can be met within that timeframe. 7. Budget Any indication of budget is helpful, as it helps define the scale of the project, providing some financial guidelines to work within. It also helps researchers to work on providing the best solution within your means 8. Existing research or other information Share any other relevant research or information. Often this helps refine how the research is done. It also means that covering old ground can be avoided, and this research builds on what is already known