Effective Market Research Strategies for New Product Launches
Explore the significance of market research in reducing risks associated with new product launches. Discover how primary and secondary research methods, qualitative and quantitative analyses, and consumer feedback can lead to informed decision-making, product innovation, and successful market penetration. Learn from insights into consumer needs and behaviors, anticipate market trends, and enhance the likelihood of product acceptance in competitive landscapes.
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Presentation Transcript
Scientific research paper writing case study 164S17125 164S17104 164S17124 164S17111 164S17121 164S17131
The purpose of market research Primary research and Secondary research Qualitative research Quantitative research Assess why market research can reduce the risk of new product launches.
Informs businesses like Kelloggs about the things consumers need.Finding out what consumers are thinking today.Identify what consumers might want in the future. How best to design products to answer those needs. Identifies and anticipates changing consumer needs before the development of new products. Reduces the risks for any new product development (NPD). Helps a business to make more informed choices. How to advertise those products to consumers. Increases the likelihood that products will be well received by consumers when they are launched.
Primary research and Secondary research Primary research is often time-consuming and expensive, it is considered as a reliable source of information because it is directly from the consumer and is specifically designed to meet the objectives of a project secondary research which is existing research that has already been collected by other organisations. Sources of secondary data include books, journals, the internet and government statistics. The benefits of secondary research are that it is quicker and often less expensive than primary, although it may not always be completely related to the needs of a specific project.
Qualitative research Quantitative research Research conditions natural situation conditions Research nature descriptive research Pay attention to the measurement the process Research methods: induction laboratory research quantitative before and after analysis and deduction
Assess why market research can reduce the risk of new product launches.
The reasons for the failure of new product development The inappropriate market analysis accounts for a large part of the failure of new product development.In addition, Professor Philip Kotler believes that one of the main reasons for the failure of new product development is the lack of careful research and prediction on the scale of new product market.
If the company wants to develop a new product, the data collected by market research can help calculate the sales and market size forecast of the new product in the market.The finance department USES the forecast to set budgets, organize supply chains and schedule food production.The company made the strategic decision to continue developing new products while ensuring that customer needs were met.
Effective ways to reduce risks One of the effective ways to reduce the risk of new product development is to adhere to the technology development oriented by marketing, and to adapt to different market demand opportunities and launch different products according to the market strategies of competitors.
What should we do To do this, we can't do without market research and feedback of customers or users' opinions. As Konosuke Matsushita said, "to make a store prosperous, we must take customers as the starting point and listen to customers' opinions." When we can understand the customers' ideas, we can reduce the risk of new product release.
