Market Research and Product Development part 2

Front

market research

Back

is the gathering and analysis of information on the size, location and makeup of a market

Front

marketing concept

Back

determining the wants and needs of customers and providing them more efficiently and effectively

Front

demographics

Back

facts about the population including, age, gender, location and income

Front

target marketing

Back

helps companies focus on the people mostly likely to buy their goods or services

Front

market segmentation

Back

is the division of a market for a product into groups of customers who have the same needs and traits

Front

test-market

Back

to offer a product in a limited market for a limited time

Front

prototype

Back

a model of the actual product to see what it will look like

Front

What is step one of product development?

Back

generate ideas

Front

In which step of product development do you brainstorm?

Back

generate ideas

Front

What is key for the first step of product development?

Back

collaboration