Business
Research Papers
New Product Market Assessment
New Product Market Assessment
When we start on the journey to find out the market for a new
product then we need to keep a very vigilant eye on all
variables affecting our market. We need to decide on many
questions regarding the product like what type of product or
service to offer, what should be its value proposition, and what
acceptance or share can be expected from the market place for
each of these offerings. To analyze these questions and for
finding their answers, conjoint analysis is usually conducted.
The conjoint analysis starts with finding the attributes that
are considered important by consumers. Then a decision is made
on the different levels of each attribute that we wish to
consider based on technical possibilities, available resources
and the competitive situation in the target market.
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Then we need to form or list down a set of profiles based on
experimental design considerations. Brainstorming also plays a
very important role in generating new ideas. Consumer ratings or
rankings of profiles generated through brainstorming or
experimental designs are used in the conjoint analysis, telling
us the relative importance of various attributed to different
customers. Using the share results in combination with cost and
margin information, we can estimate the profit potential of
different new product options.
Market Development
Once you have evaluated a market and developed a quality
product, you need to promote it using every means at your
disposal: submitting to hundreds of download sites, soliciting
reviews, distributing pamphlets, sending samples and doing the
pre tests, issuing a press release, and initiating a variety of
purchase incentives. But still there may be some factors, which
can hinder the sale of your product. Create potential customer
profile. Before you develop any new product, you should first
identify where there is a consumer demand for new products and
services. The basic idea is to locate market gaps where there is
clear demand. If you target the wrong customers, you've already
stacked the odds against you.
Who are your competitors?
Conduct a basic competitive analysis. You need to assess who
else are providing the services you wish to provide. You should
also include the substitutes to your products also. For
instance, a strong competitor identified by CokeŽ and PepsiŽ is
water.
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Decide on convincing themes of
your product
You need to find out how you can improve on the competitors you
have identified. What better features you can include and what
attribute aspects you should try to emphasize during your
advertising and selling campaigns.
Reporting
The report generated from research efforts is often the only
communication of the findings that decision makers share. The
report needs to answer in a concise and accurate presentation as
the questions posed by the research project. The old saying, "a
picture is worth a thousand words," is also true when
communicating overall research results. A good report contains
tables, charts diagrams, pictures and whatever other graphical
presentation tools can be used. However, the data shown in the
table should reflect the information acquired positively.
Following are main points that should be remembered:
-Describe the research problem in clear words by giving a
problem statement.
-Describe the used research methodology.
-Explain the used quantitative techniques use and models.
-Use tables and statistical techniques to sort and interpret
report data.
-Draw meaningful conclusions and report in a practical way.
-Prepare practical report recommendations.
-Organize report data logically and sequentially.
-Present your findings in a chronological order.
-Provide cues to aid report comprehension.
-Develop understandable graphics, which match the report
findings.
-Use extensive graphics to highlight and emphasize important
details.
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