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The product must appeal to the customer
(however widely defined)
Timely market research can help you mould the
product to the consumers 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

WA

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dea Shortage
Fragmented Markets
Social & Governmental Constraints
Cost
Capital Shortage
Need for Speed
Shorter Product Life Cycles

New Product Development

Process
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' Focus groups and direct observation provide
insights for product development.
' Secondary
data,
Group
discussion,
Brainstorming [ on a given problem]
' Problem nventory Analysis -->Examining
Customer complaints
' Attribute based customer surveys
nvolves listing all the product attributes and
then systematically modify one or more of
them to see what would improve the
product.

' 



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nvolves identification of the relevant
dimensions of the product under study and
enumeration of relevant variables with each
dimension identified.
' Mind- Mapping

 


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' nternal sources
' Customers
' Competitors
' Distributors
' Suppliers


 
' Poor, unsuitable or otherwise unattractive
ideas are weeded out from further actions.
' Many companies use new product screening
checklist for preliminary evaluation.
' Firm list new product attributes considered
important and compare each idea with those
attributes.
' The checklist is standardised and allows ideas
to be compared.

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' Determine customer attitude towards the
product concept or idea.
' Measure customers reaction towards the
products attributes, e.g.. packaging, color, size,
etc..
' Determine whether the product concept
warrants further development and provide
guidance on how the concept might be
improved or re-defined.






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' Focus group discussion
' Survey Research
Not very easy
Questions are to be formulated carefully to
capture and effectively communicate the
spark of an idea.
' Demonstration


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' bjective:
To obtain reasonable prediction for performance of
a new product;
To understand the contributing factors underlying
a particular performance;
To provide management with the opportunity to
pre-test alternative marketing strategies.

' nly those products, which have shown a

good chance of success in the earlier concept
and product development test, are subjected
to test marketing.






 


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' Awareness level;
' Purchase and repurchase
rate;
' Users experience with
the product;
' Users perception of the
product;
' Users profile and
lifestyles;
' Reasons for not using
products;
' Market share.

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' The number of test
markets to be chosen;
at least three
involves cost-benefit
analysis
' The criteria used for
selecting test markets;
' The length of the test.
6 to 12 months


 
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' mplementing Marketing Plan
' Full Production Plan


 
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When
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