Business 4.4 Market Research (7 Steps for Product Development)

https://quizlet.com/th/1005939388/business-44-market-research-7-steps-for-product-development-flash-cards/?funnelUUID=8755ad5f-0336-423d-abb5-87bdf3d70558

Step 1: Idea Generation

Definition: generating ideas

• Incubate programs inhouse • Can be internal (R&D or Research and Development) • Ideas from market research • Suppliers feedback • Crowdsourcing invites many stakeholders into the process of searching for new products

Step 2: Idea Screening

Definition: idea inspection

• Process of evaluating new product ideas to ensure they meet business objectives and customer expectations • Spot good ideas and drop bad ones • Focus on ideas with a higher probability of success

Step 3: Concept Testing

Definition: testing product development

• develop the idea • work with FOCUS GROUPS to test the product • adapt the product to different segments

Step 4: Marketing Strategy Development

Definition: strategizing how to market the product

• PRICE, PLACE, PROMOTION • Identify the target market • Identify the product on the PRODUCT POSITION MAP • Goal of market shares • Sales targets

Step 5: Business Analysis

Definition: analysis of the product's business sense

• Management evaluates whether all this makes business sense before production

Ex: if it's too expensive, impractical

Step 6: Product Development

Definition: prototyping and testing the product

• Real product is developed • PROTOTYPES are made • TEST MARKETING in specific locations

Ex: kickstarter.com

Step 7: Commercialization

Definition: finalized product!

• Introducing new products into the market • New product development