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					Welcome
 friends
    New Product Development

   Introduction
   The design of a product
   Product testing
   Test marketing
            Introduction
 The process of new product development is a
  decision involving high risk.
 The marketing research is used for generating
  ideas, business analysis, carrying out design &
  testing steps.
The market researcher tries to find answers of:
 What do they like about our new idea?
 What they don’t like?
 Hoe can their idea or product be improved to
  maximize its potential?
        Process of new product
             development
              Generation of ideas

               Screening of ideas

              Testing the concept

Business analysis                   Design

              Marketing testing
          Infrastructure development

                    Launch
     The design of a product
   To design a product we need to understand the
    consumer’s needs & preferences towards different
    attributes.
   Researcher also needs to each of these attributes.
   The required data is collected only from the
    segment selected by the following methods:
   Paired comparison test
   Rating scales
   Concepts research- The new product concept is
    tested, i.e.- Concept Testing -> Qualitative &
    Quantitative.
          Product testing
   Product testing is done to verify that the product
    the product is able to deliver the required product
    attributes.
   Once the product is designed, it is tested on
    prospective consumers to test their level of
    satisfaction.
   It helps in continuous product improvement & in
    achieving product superiority over competitors.
   Comparison test -> Paired comparison test,
    Staggered comparison test.
   Disguised comparison method.
            Test marketing
   Once the product is tested        Test marketing measures the
    the company tests its              following to fulfill the
    commercial viability on a          objectives:
    small scale. It helps in:         Repeat purchase
   Forecast the probable sales       Rate of adoption
   Modify the product if needed      Advertising effectiveness
                                      Effectiveness of the
   Correct the marketing plan,        introductory offer
    i.e.- promotion, price &
                                      Effectiveness of the trade
    distribution channels.             offer
   It is expansive & time            Share of the market
    consuming process. So             Buyer’s characteristics
    company opts it rarely.
                                      Reasons for non-adoption.
    Selection of test markets
 The market should not be “overtested”.
 The market should be ‘normal’ regarding the
  historical development of the product class
  involved.
 The markets should be typical regarding the
  competitive advertising situation.
 No single industry should dominate the markets.
 The markets should so represent different Geo-
  regions that results can be projected.
 Market containing not suitable to product should
  be avoided.
 The markets should have a media pattern similar
  to the proposed national media plan.
 Thanks
By: Sandeep Saxena
    Faculty member marketing
   HQ, Hyderabad

				
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posted:9/15/2012
language:English
pages:9