New Product Market Assessment - PhDify.com
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.
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.
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 Coke® and Pepsi® is water.
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.
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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