The topic was delivered by Mr. Kumaresh T S, Senior Vice President-Sales, Angulus IT Services, Chennai.

1. Knowledge Partner
Fhyzics Business Consultants Pvt.Ltd.
Mr. Kumaresh T S
Senior Vice President-
Sales, Angulus IT Services,
Chennai
Essence of Market Research for
Effective Product Development

2. Book Now
www.pdma-india.in

3. Essence of Market Research for
effective Product Development

4. Agenda
1. Introduction to Market Research
2. Market Research for NPD
3. Market Research Techniques for NPD
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5. 5

6. Market Research: Definition
1. The systematic design, collection, analysis and reporting of data and findings relevant to a specific
marketing situation facing the organisation
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7. Market Research vs Marketing Research
(strictly speaking...)
Market Research:
Researching the immediate competitive environment of the marketplace, including customers, competitors,
suppliers, distributors and retailers
Marketing Research: Includes all the above plus:
- companies and their strategies for products and markets
- the wider environment within which the firm operates (e.g. political, social, etc)
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8. 8

9. Top 10 market research reasons 9
Market Measurement 18%
New Product development/concept testing 14%
Ad or brand awareness monitoring/tracking 13%
Customer Satisfaction (inc Mystery Shopping) 10%
Usage and Attitude Studies 7%
Media Research & evaluation 6%
Advertising developing and pre-testing 5%
Social Surveys for central/local government 4%
Brand/corporate reputation 4%
Omnibus Studies 3%
Source: BMRA

10. Why Conduct Market Research in
New Product Development?
- The product must appeal to the customer (however widely defined)
- Timely market research can help you mould the product to the consumer’s need/wants
- Market research tend to point out successes and failures before products are launched “for real”
- As a result, it can save you money and time
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11. 97
97
97
Directly relevant to NPD
91
92
89
87
87
83
80
Percentage of companies doing activity*
* based on research activities of 599 companies in the US
Activity
Determination of market characteristics
Measurement of market potential
Market share analysis
Sales analysis
Studies of business trends
Short range forecasting
Competitive product studies
Long range forecasting
Pricing studies
Testing existing products
The Ten Most Common Market Research Activities 11

12. 12

13. • Survey Research
• Concept Testing
• ConJoint Analysis
• Empathetic Design
• Lead Users
• Quality Function Deployment
• Prototyping
• Market Intuition
Innovation
Incremental
Innovation
(need known)
Breakthrough Innovation
(technical solution
precedes customer need)
Techniques used for Market Research for NPD 13

14. Concept Testing 14
• Generate multiple product concepts
• Observation
• Focus groups
• Brainstorming
• Judgmentally reduce number of concepts
• Describe their key attributes and benefits in paragraph form
• Potential customers rate each concept on dimensions such as trial interest and perceived value
• Further reduce number of concepts based on results from previous stage
• Representative sample of potential customers complete a battery of questions and diagnostic ratings on
each finalist

15. Conjoint Analysis 15
• To determine how respondents value various attributes, and levels of attributes, in the product
• If we learn how buyers value the components of a product, we are in a better position to design
those that improve profitability

16. Empathetic Design 16
• Because users may be unable to articulate their needs, this technique focuses on observations of
customer behavior and workarounds to develop a deep understanding the user’s environment.
• Types of insights (unexpected success and failure)
• Triggers of Use (what? why? )
• Coping strategies with unarticulated user needs (how?)
• New usage situations (what’s new?)
• Customization (when, where, who?)
• Intangible Attributes

17. Lead Users 17
• Some customers face needs before a majority of the market place;
• Their needs may be more extreme than typical customers
• Ex: Gaming Software
• They stand to benefit substantially by obtaining solutions to their needs sooner rather than later
• They struggle with the inadequacies of existing products tend to innovate their own solutions to
their needs

18. Quality Function Deployment 18
• What: A tool that provides a bridge between the voice of the customer and product design
• Purpose: Ensure tight correlation between customer needs and product specifications.
• Requirement: Close/intensive collaboration between marketing, engineers, and customers

19. Thank you