Market research for new product the market research process

Description:

This slide presents a structured outline for "Market Research for New Product (Option 1 of 2)" and is divided into two parallel processes: The Market Research Process and The New Product Development Process.

On the left, The Market Research Process includes:

1. Primary & Secondary Research into Consumer Views and Product Needs: This step involves gathering initial data and insights about consumer preferences and product requirements from existing sources and new research.

2. Concept, volumetric, and packaging testing: This is the phase where the concept's appeal, the potential sales volume, and packaging options are evaluated.

3. Consumer usage Research: Researching how consumers use the product provides valuable feedback for further development.

4. Pre-testing of Image and Advertising Research: Here, the product's branding and advertising strategy are tested before a full-scale launch.

5. In Marketing monitoring: After the product is in the market, ongoing monitoring helps to gauge performance and make any necessary adjustments.

On the right, The New Product Development Process includes:

1. Identifying Consumer views and product needs: Similar to the market research phase, this step focuses on understanding consumer requirements for the new product.

2. Product concept and packaging development: Based on insights, the product's concept and packaging are developed.

3. Testing the product: Prototypes or initial versions of the product are tested to refine it further.

4. Brand Positioning and Advertising Development: Strategies for branding and advertising are crafted to effectively position the product in the market.

5. Product Launch and post Launch: The final step involves launching the product and ongoing activities after the launch.

Both processes are integral for the successful launch of a new product, and their synergy ensures that the product is well-researched and fits the market demand.

Use Cases:

This slide can be utilized in various industries:

1. Technology:

Use: To guide the launch of new tech gadgets or software.

Presenter: Product Manager.

Audience: Product Development Team.

2. Consumer Goods:

Use: For strategizing the introduction of new consumer products.

Presenter: Brand Manager.

Audience: Marketing and Sales Team.

3. Healthcare:

Use: Developing and launching new medical devices or pharmaceuticals.

Presenter: R&D Manager.

Audience: Research and Development Team.

4. Automotive:

Use: Outlining the market strategy for new vehicles or automotive features.

Presenter: Marketing Director.

Audience: Automotive Design and Engineering Team.

5. Food and Beverage:

Use: To plan market entry for new food products or drinks.

Presenter: Product Development Specialist.

Audience: Culinary and Marketing Staff.

6. Financial Services:

Use: Launching new financial products or services.

Presenter: Product Innovation Lead.

Audience: Bank or Financial Institution Executives.

7. Entertainment:

Use: For market research and development of new entertainment content or platforms.

Presenter: Content Strategy Manager.

Audience: Creative and Production Team.