SMU MBA ASSIGNMENTS

Answer   : New Product Research

 

Successful new products are essential to a company’s growth and survival. We believe new products to be one of the most important applications of marketing research, but one of the most difficult to execute in practice. New products can be concept-driven or product-driven. The implicit model that underlies the following paragraphs is concept-driven (i.e., concept followed by product), but keep in mind that you can also start with a product and work “backward” to build a concept and positioning.

New product development must have focal points to have any chance of success. Focal points include definition of the target market, determination of the product category, and/or definition of the problem to solve or opportunity to exploit. These focal points are largely managerial judgments. Once some of the basic focal points are identified, then Decision Analyst can help make the effort successful.

 

Qualitative Explorations

 

Once the target audience is identified (even if not totally precise), and some notion of the product category (or human need) is established, then qualitative research is the first step. The purpose is to develop in-depth understanding of the target consumer–their motivations, perceptions, fears, and preferences. Perceptions of competitive products can be explored. Unmet needs can be identified. New product ideas can be sought. The qualitative exploration serves to identify new product possibilities as well as refine the target-market definition for those possibilities. Qualitative research is also useful in determining the starting points for ideation.

 

Innovation Services

 

Building on the foundation of understanding provided by the qualitative research, Decision Analyst uses its Imaginations® panel of 2,000 exceptionally creative individuals to help generate new product ideas. These ideation sessions can be conducted online or offline, following creative processes developed by Decision Analyst. A typical all-day ideation session of eight Imaginations® produces from 400 to 600 unique new-product ideas or idea fragments. Decision Analyst’s Insights & Innovation Team then translates this raw ideation material into new product concepts. These concepts can then be refined with qualitative research before going into quantitative testing.

 

Concept Testing

 

Concept testing identifies potentially successful new products early on, so that you can focus limited research and development resources (and limited marketing resources) on the new product concepts with the greatest probability of consumer acceptance. Decision Analyst provides a suite of concept testing systems and services.

 

Brand Name Research

 

Selecting a name for a new product is an important step in new product development. Name Screen® is our online system to identify the best names for final evaluation. Typically, final names are tested in the context of package, concept, or product testing, so that all variables are implicitly incorporated into the name test.

 

Packaging Research

 

Package graphics and copy are critical to new product success. Decision Analyst offers a suite of package-testing services to help develop a winning package that can help generate trial of the new product and project the appropriate brand image.

 

Product Testing–Optima®

 

New products must be optimal to have a reasonable chance for success. Product testing is an essential step (or series of steps) in the development of a new product. Decision Analyst offers a range of product-testing services to help ensure that the new product will be successful.

 

Concept or® Volumetric Forecasting

 

With our Concept or® simulation models, year-one sales of a new product can be forecast, based on concept-testing scores, product-testing results, marketing-plan inputs, and media spending plans.

 

Test Market Evaluation

 

Real-world testing of new products is always recommended, if time and budgets permit. Actual store tests and/or actual test markets provide the most reliable evaluation of a new product. Decision Analyst is expert at designing and executing test markets for new products.

 

Product Clinics

 

Our automotive research group conducts static clinics, dynamic clinics, and 3D projection digital imaging clinics. These clinics range in size from small single city evaluations in the U.S. to large-scale multi-country clinics. Each clinic is conducted by a dedicated team, led by a senior researcher experienced in all aspects of conducting clinics. Data is captured using handheld devices to assure fast delivery of data tabulations. Presentations of clinic results can be provided within 24 hours of the conclusion of the clinic in-person or via Web-based meeting.

 

New Product Research Services

 

Decision Analyst is a leading global marketing research and analytical consulting firm, with over 3 decades of experience in new products research and consulting. Our staff has worked on hundreds of successful new products. With our worldwide online panels and interactive systems, targeted innovation processes, and analytical systems, we can bring transformational change and acceleration of pace to your new product development efforts.

 

Additional Resources from Decision Analyst

 

New Product Research Services

 

• Brand Name Research
• Concept Testing
• Innovation Services
• Packaging Research
• Product Testing
• Qualitative Research

 

 

New Product Research Brochures

 

• Concept or® Brochure (opens a puff file)
• Innovation Services Brochure (opens a puff file)
• New Product Metamorphosis Brochure (opens a puff file)
• Optima Product Testing Brochure (opens a puff file)
• Package Optimization Brochure (opens a puff file)
• Complete List of Decision Analyst Brochures
• New Product Research Case Histories

 

Concept Testing

• Games People Play
• Hotel Services Innovation Program
• Look Before Leaping
• Never Trust an Engineer (Qualitative Research)
• Positioning Test with Segmentation
• Time-Extendedâ„¢ Online Qualitative
• Using Exploratory Research to Formulate Quantitative Research and a Discrete Choice Modelling Design

Volumetric Concept Testing

• New Product Research White Papers

 

• Choice Modelling for New Product Sales Forecasting
• Concept Testing (And the “Uniqueness” Paradox)
• Hang the Innocent

New Product Sales Forecasting

• New Products
• New Products for Tough Times

Product Testing

• Quality Promise Program–Empowering Consumers as Your Quality-Control Agents
• Using Consumers to Fuel Your New Product Generation Pipeline: The Role of Idea-Centric CreativityQ.2 How to write a marketing report and what quality is to be ensured? 

  Q.3 Which are the various types of scales in marketing research and its applications?

   

   

  Q.4    Explain the types of hypothesis and the steps involved in hypothesis testing.

  Q.5 What are the limitations of sampling? What are the indicators for an ideal sample?

  Q.6 Considering Indian consumers and Indian market trends, mention the ways through which a marketing researcher can carry out research? If you were to research a market segment, how would you go about it?