Market Research and Product Development

Market Research is.....

• Involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.

• Gathering and analysis of information on the formation, information and place of a market.

• Gathering and analysis of information on the size, location, and makeup of a market.

• Information gathered about people who make up the market.

Demographics is......

• Information gathered about people who make up the market. Facts about population. Information comes from Surveys, sales figures for current products, databases and census.

• Gathering and analysis of information on the size, location, and makeup of a market.

• Helps companies focus on the people most likely to buy their goods or services.

• Involves determining the wants and needs of customers and providing them more efficiently and effectively than competitors.

The Product Development Process involves how many steps?

• 3

• 10

• 12

• 7

Product Development includes....

• Screen ideas, Conclusion of Product and Evaluate Customer Resistance

• Develop the product, Test-Market the Product and Introduce the Product

• Evaluate Customer Acceptance, General Ideas, Develop a Plan

• Test-Market the Product, Intrude the Product, General Ideas

The goal of Test-Market the Product is......

• The company agree with the product, a prototype will be made (model of the actual product)

• Collect customers responses to see if the product is likely to be a success.

• For the team to evaluate each idea listed for the new product.

• Help companies to focus on the people most likely to buy their goods or services.

Generating Ideas means.......

• A group of workers that get together to think of a new product, brainstorming and collaborating

• Marketers that know the demographics of a market, companies can make products to fit that group.

• Estimated sales, costs, profit potential, market trends and competing products.

Marketing Concept involves....

• Marketing

• Gathering and analysis of information on the size, location, and makeup of a market.

• Determining the wants and needs of customers and providing them more efficiently and effectively than competitors.

• Information gathered about people who make up the market.

Introducing a new product does not involve the following....

• Publicity campaign introduces the product.

• Cost of launching a new product is usually high.

• Seeing what the product will look like.

• The company having a short time before the competition develops similar products. Especially if the product is successful.

What is the purpose of Target Marketing?

• Help companies focus on the people most likely to buy their goods or services.

• Helps companies unfocused on the people most likely to buy their goods or services.

• Helps companies focus on the product most likely to bought by people.

Demographics does not include

• Facts about Population

• Information comes from Surveys, sales figures for current products, databases and census

• Age, gender, location and income

• Facts about the current market