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

2. 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 2 New Product Development

3. 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

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

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

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

7. 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

8. 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

9. 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

10. 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

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

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

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

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

15. Consumer Electronics Show Marketing Research - How can I make good decisions 15 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

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

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31. 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

32. 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

33. 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)

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

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

36. 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

37. 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

38. 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

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

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

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

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50. 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

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53. 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