MARKETING RESEARCH FOR NEW PRODUCT DEVELOPMENT

MARKETING RESEARCH FOR NEW PRODUCT DEVELOPMENT:

PROCESS OF COLLECTING AND USING INFORMATION FOR MARKETING DECISION MAKING

PURPOSE OF RESEARCH:

THE PURPOSE IS TO HELP US MAKE DECISIONS, NOT LET THE DATA MAKE DECISIONS FOR US

FOR EXAMPLE SONY WALKMAN

TWO TYPES OF RESEARCH DATA:

1.PRIMARY

2.SECONDARY (COULD BE DIFFICULT WITH A NEW TO THE WORLD PRODUCT)

DO IT YOURSELF?

DO SOME OF IT YOURSELF?

OUTSOURCE IT?

TWO VARIABLES THAT IMPACT THOSE QUESTIONS ARE:

1.COST

2.CAPABILITY

STEPS IN THE MARKETING RESEARCH PROCESS:

1.DEFINE THE OPPORTUNITY OR

PROBLEM

2.CONDUCT EXPLORATORY

RESEARCH

3.FORMULATE A HYPOTHESIS

4.CREATE THE RESEARCH DESIGN

5.COLLECT THE DATA

6.INTEPRET AND PRESENT THE DATA

PRIMARY RESEARCH METHODS:

1.OBSERVATIONS

VIDEO, TRAVEL WITH

SALESPEOPLE, TECHNOLOGY

2.SURVEYS

IN PERSON, TELEPHONE,

FOCUS GROUPS, MAIL,

FAX ON-LINE, CUSTOMER

INPUT

3.EXPERIMENTAL

MARKET TEST

RESEARCH INPUT GOES INTO A SYSTEM

CALLED A MARKETING INFORMATION SYSTEM  (MIS)

APPLY SOFTWARE TO THE MIS AMD YOU GET A MARKETING DECISION SUPPORT SYSTEM (MDSS)

THEN YOU CAN DEVELOP…….

SIMULATIONS

MODELING

GRAPHICS

GENERAL WHAT IF SCENARIOS

NOW YOU HAVE DATA TOHELPYOU MAKE MARKETING DECISIONS ABOUT A NEW PRODUCT LAUNCH

SAMPLING FROM A UNIVERSE OR

POPULATION:

TWO TYPES:

1.PROBABILITY

2.NON-PROBABILITY

(QUALITATIVE AND QUANTITATIVE)

GLOBAL RESEARCH:

NEEDS TO BE DONE

PRINCIPLES STILL APPLY

IMPLEMENTATION IS DIFFICULT

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