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Market Research in Product Development

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Mallory Cromer

on 2 April 2014

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Transcript of Market Research in Product Development

Market Research
Quantitative Research
Deals with numbers.
Data which can be measured.
Length, height, area, volume, weight, speed, time, temperature, humidity, sound levels, cost, members, ages, etc.
Deals with descriptions.
Data can be observed but not measured.
Colors, textures, smells, tastes, appearance, beauty, etc.
Can minimize the risk of failure of the product
Types of New Products
New Concepts
Additions to existing product lines
Modifications of existing products
90% of new product research is focused on product 'additions' and 'modifications' rather than on the concepts.
Establishing Needs
Research & Development Team
Does the product meet a need?
How are existing products used, i.e. for how long, how frequently, precisely what for etc.?
Is the price reasonable in light of the concept's perceived benefits?
How likely are potential users to buy the product?
Other things to consider
Customer Satisfaction Research
B2B Market Segmentation Research
Pricing Strategy Research
Product Positioning
Role of Product Positioning
Market Research in Product Development
Uncontrollable Factors in Product Development
Qualitative Research
1. Against a Competitor- Avis We're #2 We try harder

2.Away from a Competitor- 7Up The Uncola

3.Benefits- Crest Preventing Cavities

4.Product Attributes- Ritz Carlton=Luxury Econo Lodge=Economy

5. Product Categories-soap-compares-itself-to-lotion, Think Palmolive

6.Usage Occasions- Jeep’s focus on off-road driving

7. Users-The …For Dummies series

1. Single-minded—does it convey one primary message at a time
2. Meaningful—will it connect with the target audience?
3. Differentiating—does it contrast your strengths against the competition?
4. Important—is it pertinent and significant to the target audience?
5. Sustainable—will it resonate with the target audience well into the future?
6. Believable—will it ring true with the target audience?
7 Credible—can you clearly substantiate your claims?
Uncontrollable Factors on Product Development
Full transcript