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Master of Business Administration Semester III MK0013- Marketing Research Assignment Set- 1

Q.1. Distinguish between product research and new product research. Explain with examples. Answer. Product Research & New Product Research

Effective product market research -- for new products and existing products -- is well integrated with R&D and technical product design functions. For consumer or business B2B product market research, we take a global approach, incorporating appropriate market research at each design stage: The goal is to align astute technical product R&D, product innovation and design with market demand. We include in our services the following new product development and research services:

New Product Development Stages For new product development market research, the question becomes one of matching the stage of new product development with the right creative or product market research method. We use the Marketing Intelligence Platform to guide the use of the three forms of Intelligence --Ideas, Data, & Drivers -- to the product development process. We provide consulting and specific new product research market research capabillities at each new product development stage. Product development market research methods and tools used may vary according to the product type, the extent of incremental change from other products, the investment and risk factors, and the costs of seeding the new product in the marketplace.

Product development is a sequential decision process. It's a series of decisions, not one. It is key, therefore, to concentrate attention on the precise new product decision at hand, and think through the market research and creative tools needed for that stage. Marketing Strategy Consultants As marketing strategy consultants, our consulting firm will work with you and your company and management team in a professional product launch, branding research, or market sizing and targeting engagement. Since each client company or firm is unique with its own set of issues and opportunities, we often begin our relationship with a decision identification and clarification engagement what we call Decision Mapping. This identifies the most relevant problems, opportunities, and issues most relevant, and serves to clarify the decision agenda. We believe this is a crucial step to ensure as consultants to your company, that our research or marketing strategy engagement meets your specific management requirements. Further, Decision saves both time and money as it sharpens focus as to the exact work which needs to be accomplished in our remaining consulting or market research work for your company.