Market research and development

• Branding: focus on the reputation management of a company

• Marketing: focus on how to make people interested wit your product

• Sales: convert people that interested with your product to buy and to be loyal to your product.

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list two reasons why secondary data might prove to be inaccurate for a firms specific purposes?

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• Access vast quantity free information in the internet

• retail loyality card indomaret can have the pattern of data: number and type of goods bought by each loyal customers, how often, age, gender and income

• This allows retailed business making cost effectiveness and not wasted in promotion.

​Cost effectiveness of market research:

Market Research Process and development

• By collecting and assessing information about the needs and wants of consumers, a more accurate and responsive marketing plan can be designed and, therefore, the risk of market failure can be reduced.

• Market research attempts to identify and outline both marketing opportunities and problems,

Collecting data tools and techniques:

• Primary Data (Survey, Observe and Experiment)

• Secondary Data (Information that someone else has collected)

• This can be internal or external

• Conclusions and statistics are then drawn

• Through Internet-based crowdsourcing, paid or unpaid outsiders can offer needed expertise or a different perspective on a new-product project that might otherwise be overlooked.

• The traditional company-centric approach to product innovation is giving way to a world in which companies co- create products with consumers.

• Besides producing new and better ideas, co- creation can help customers feel closer to the company and create favorable word of mouth.

​interpretation of data:
- numerate data can be presented in may forms:
tables, pie chart, line graphs, bar chart, histogram.
statistical data can be analysed for measures of central tendency (averages) and dispersion.

Concept Development and Testing

A product idea is a possible product the company might offer to the market. A product concept is an elaborated version of the idea expressed in consumer terms. A product idea can be turned into several concepts by asking: Who will use this product? What primary benefit should this product provide? When will people consume or use it?

By answering these questions, a company can form several concepts, select the most promising, and create a product-positioning map for it. 

Strategy Development/Marketing Strategy

Following a successful concept test, the firm develops a preliminary three-part strategy for introducing the new product. The first part describes the target market’s size, structure, and behavior; the planned brand positioning; and the sales, market share, and profit goals sought in the first few years.

Business Analysis

Here the firm evaluates the proposed product’s business attractiveness. Management needs to prepare sales, cost, and profit projections to determine whether they satisfy company objectives. If they do, the concept can move to the development stage. As new information comes in, the business analysis will undergo revision and expansion. Sales estimation methods depend on whether the product is purchased once (such as an engagement ring), infrequently, or often

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explain 3 features of effective questionaire/ interview design

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explain 3 pieces of information asport shoes retailermight need to gain from research before opening a new store in new area

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The army shoe retailer decide to conduct primary research from existing customers. explain 3 ways in which this might be done.

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