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New Product Development and Market Research

New Product Development and Market Research. Essential Question? How can I MAKE GOOD DECISIONS?. New Product Development. MKTG8175.048 explai n SER product, ser service, and product planning MKTG8175.049 explain product life cycle

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New Product Development and Market Research

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  1. New Product Development and Market Research Essential Question? How can I MAKE GOOD DECISIONS? Marketing Research - How can I make good decisions

  2. New Product Development MKTG8175.048 explain SER product, ser service, and product planning MKTG8175.049 explain product life cycle MKTG8175.050 Describe the role of market research in product development Marketing Research - How can I make good decisions

  3. Product Basics Product item A specific good service or idea ex. Rockband3 Product line A group of products closely related ex. Video Games & Gadgets Product mix All product lines in a company ex. Best Buy electronic products & services SKU Stock keeping unit ex. Nintendo Wii Rockband3 Marketing Research - How can I make good decisions

  4. PRODUCT MIX & LINES Marketing Research - How can I make good decisions

  5. Product Lines Marketing Research - How can I make good decisions

  6. Product Items and SKUs Marketing Research - How can I make good decisions

  7. Types of Goods Durable goods Last more than 1 use ex. Clothing, cars Non-durable goods Last one or very few uses ex. Gum, food Marketing Research - How can I make good decisions

  8. Consumer goodsUsed by the ultimate consumer ex. laptop Convenience goods • Purchase frequently w/ little effort • ex. Milk, toilet paper Shopping goods • Compare several alternatives • ex. Clothing, shoes Specialty goods • Make a special effort to research • ex. House, car, furniture Unsought goods • Doesn’t know about or initially want • ex. Disability insurance, burial plot, new Marketing Research - How can I make good decisions

  9. Industrial goodsUsed in production of products ex. Harddrive Production goods Items used to make final product ex. memory chips Support goods Items used in support of production ex. Office supplies, building, equip, tools Marketing Research - How can I make good decisions

  10. Product life cycleSales over time in a product lifecycle • Introduction • Slow sales, high prices, few choices • ex. Hybrid cars • Growth • Sales increase, price lowers, more choices • ex. Portable DVD players • Maturity • Sales level off, price levels off, generic choices • ex. Cell phones • Decline • Sales drop off, price decreases, limited choices • ex. VCR’s Marketing Research - How can I make good decisions

  11. Product Life Cycle Marketing Research - How can I make good decisions

  12. Product development process 1. Idea generation 2. Analysis 3. Create Prototype 4. Test Market 5. Sell Marketing Research - How can I make good decisions

  13. Reasons new products fail 1. no significant point of difference 2. poor craftsmanship 3. small market Marketing Research - How can I make good decisions

  14. Failed Products – What We Can Learn http://www.history.com/shows/modern-marvels/videos/failed-products#future-visions http://www.history.com/shows/modern-marvels/videos/failed-products#failed-products Marketing Research - How can I make good decisions

  15. Consumer Electronics Show http://www.huffingtonpost.com/2010/01/09/best-ces-2010-products-th_n_416878.html http://www.businesspundit.com/25-most-promising-new-products-for-2010/ http://www.youtube.com/watch?v=NbnN_y-_0V0&feature=related Marketing Research - How can I make good decisions

  16. Marketing Research - How can I make good decisions

  17. Marketing Research - How can I make good decisions

  18. Marketing Research - How can I make good decisions

  19. Marketing Research - How can I make good decisions

  20. Marketing Research - How can I make good decisions

  21. Marketing Research - How can I make good decisions

  22. Marketing Research - How can I make good decisions

  23. Marketing Research - How can I make good decisions

  24. Marketing Research - How can I make good decisions

  25. Marketing Research - How can I make good decisions

  26. MARKETING RESEARCH Marketing Research - How can I make good decisions

  27. Marketing Research - How can I make good decisions

  28. Marketing Research - How can I make good decisions

  29. Marketing Research - How can I make good decisions

  30. Marketing Research - How can I make good decisions

  31. Mktg Info Mgt System Systematic process of regularly: 1) gathering 2) recording 3) analyzing 4) distributing Data related to mktg goods/services Marketing Research - How can I make good decisions

  32. HELPS BUSINESS BY: • Determine customer wants and needs • Solve marketing problems • Help anticipate future problems • Increase sales & profits • Offer products consumers want • Help plan future promotions & sales Marketing Research - How can I make good decisions

  33. DIFFICULTIES • Getting people to take survey • Bias among groups (lie to say what they think you want them to) Marketing Research - How can I make good decisions

  34. TECHONOLOGICAL IMPACT • Collect more info • Distribute info quicker • More professional • More applicable • Just in time Marketing Research - How can I make good decisions

  35. RESEARCH PROCESS • Define Problem • Obtain Data • Analyze Data • Recommend Solutions • Apply Results Marketing Research - How can I make good decisions

  36. TYPES of RESEARCH Media Advertising – ex. Neilson ratings Product – point of sale, test mktg Sales Consumer – study behavior, attitude, motivation to buy Market – define potentionaltgtmkt, investigate mkt for a product Marketing Research - How can I make good decisions

  37. Types of Data Marketing Research - How can I make good decisions

  38. COLLECTION METHODS (Survey) • Mall Intercept • Focus Group • Telephone Survey • Mail Questionnaire (Other) • Panel Discussion • Experiment/Test Marketing • Observation Marketing Research - How can I make good decisions

  39. Mall Intercept Marketing Research - How can I make good decisions

  40. Marketing Research - How can I make good decisions

  41. Marketing Research - How can I make good decisions

  42. Marketing Research - How can I make good decisions

  43. Focus Group Marketing Research - How can I make good decisions

  44. Focus Group Marketing Research - How can I make good decisions

  45. Focus Groups Marketing Research - How can I make good decisions

  46. Telemarketing Marketing Research - How can I make good decisions

  47. Marketing Research - How can I make good decisions

  48. Marketing Research - How can I make good decisions

  49. Marketing Research - How can I make good decisions

  50. TYPES OF SURVEY QUESTIONS • Open Ended • Forced Choice • Yes/no • Multiple choice (be sure to have e. other) • Rating scale (ex. 1-5 with 1 best) • Level of agreement (disagree, strongly disagree, slightly disagree Marketing Research - How can I make good decisions

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