ESSENTIAL QUESTION? HOW CAN I MAKE GOOD DECISIONS? Marketing Research - How can I make good decisions 1 New Product Development and Market Research.

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Presentation transcript:

ESSENTIAL QUESTION? HOW CAN I MAKE GOOD DECISIONS? Marketing Research - How can I make good decisions 1 New Product Development and Market Research

MKTG EXPLAIN SER PRODUCT, SER SERVICE, AND PRODUCT PLANNING MKTG EXPLAIN PRODUCT LIFE CYCLE MKTG DESCRIBE THE ROLE OF MARKET RESEARCH IN PRODUCT DEVELOPMENT Marketing Research - How can I make good decisions 2 New Product Development

Product Basics Marketing Research - How can I make good decisions 3 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

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

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

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

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

Consumer goods Used by the ultimate consumer ex. laptop Marketing Research - How can I make good decisions 8 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

Industrial goods Used in production of products ex. Harddrive Marketing Research - How can I make good decisions 9 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

Product life cycle Sales over time in a product lifecycle Marketing Research - How can I make good decisions 10 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

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

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

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

Failed Products – What We Can Learn Marketing Research - How can I make good decisions 14 marvels/videos/failed-products#future-visions marvels/videos/failed-products#future-visions marvels/videos/failed-products#failed-products marvels/videos/failed-products#failed-products

Consumer Electronics Show Marketing Research - How can I make good decisions 15 ces-2010-products-th_n_ html new-products-for-2010/ _0V0&feature=related

Marketing Research - How can I make good decisions 16

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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

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

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

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

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

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

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

Types of Data Marketing Research - How can I make good decisions 37 DATA TYPEDEFINITIONEXAMPLEBENEFITDISADVANTAGE PrimaryData you obtain yourself Observation, survey, experiment Applicable to your needs/wants Expensive and time consuming SecondaryData that already exists Internet, U.S. Govt census Quick and cheap Out of date, not applicable to your needs/wants InternalData from inside the business Store sales, Employee hours ExternalData from outside the business Competitor’s sales price, customers preferences

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

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

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

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

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

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

Telemarketing Marketing Research - How can I make good decisions 46

Marketing Research - How can I make good decisions 47

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TYPES OF SURVEY QUESTIONS Marketing Research - How can I make good decisions 50 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 51

Marketing Research - How can I make good decisions 52

SURVEY WRITING GUIDELINES Marketing Research - How can I make good decisions 53 Clear and brief Same scale for similar questions Design appealing to consumers Numbers Directions Personal & Demographic questions at end (more likely to answer) Use more than one type of question