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Using Market Research For Product Developm The Important of “New” 1. New concept – completely new products that have arisen as a result of innovation and which can sometimes create new markets. 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. Market research product lifecycle

Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

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Page 1: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Using Market Research For Product DevelopmentTh

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1. New concept – completely new products that have arisen as a result of innovation and which can sometimes create new markets.

2. Additions to existing product linesNew products that supplement established product lines.

3. Modifications of existing productsExisting products that are modified in order to better meet customer needs, such as improved performance.

Market research product lifecycle

Page 2: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Q.1: What research can Apple do before launch new product?

Establishing NeedsIt 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

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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.)

Page 3: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Q.1: What research can Apple do before launch new product?P

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• 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.)

Page 4: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Q.2: What research can Apple do in the product development cycle?

Stimulating Product Take-Up

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KEY QUESTIONS

• Where does the product/company stand at this point in time?

• Where does it wish to go?

• How can it achieve its goals?

Market Assessment Studies (or Market

Opportunity Analysis)

Pricing Research

Advertising Research (or ad testing)

Page 5: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Q.2: What research can Apple do in the product development cycle?

Improving Product Performance

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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 Researchin order to retain existing customers

and hopefully attract potential customers

Segmentation Researchto determine how to tailor an offering to meet the needs of

different segments

Pricing Researchto determine optimal price points so

as to achieve maximum profits

Page 6: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

Q.3: What are the key elements in Research Brief?

1. Market and Strategic OverviewThis 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.

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2. Background and Role of the ResearchThis 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

Page 7: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

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)

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4. Suggested Approach & Research Target(s) Identify any preferences you might have: Are there any specific groups or subgroups you are interested in researching?

Page 8: Young Marketers Elite 2013 - Co hoi du thinh Tuan 2 Market Research - Nguyen Hoang Lan

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

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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

6. Timing Specify any real constraints that exist. However, please be realistic about whether your objectives can be met within that timeframe.

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