How to Write Marketing Research on a New Line of Products
To write marketing research on a new line of products, consider whether the product is new to the market, the size of the market, competition and the emotional rationale behind potential customers. Use existing data from market research on a product to find the missing link with information from a public relations and marketing professor in this free video on business marketing.
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Hi, my name is Mark, and we're going to look at how you'd write a research plan or a market research plan when launching a new product or a product line. The main issue here, really, is is this product in existence at the moment, or is it something brand-new to the market? This is one of the most important questions. We also need to say to ourselves, "If this market already...if this product already exists in the market, who's our competitor or competition? And what area of the market are we aiming at?" We would need to consider a serious amount of market research. And again, it would depend on the size of the market. Is it a national product? Is it a local product? Is it a regional product? What are...or service. What are...what are we looking at? And when we are doing our market research, what research is already available? What existing data, you know, is available in this particular sector? What can we use that's already available? This can save an awful lot of time and an awful lot of money. So these are the things you should consider when we...when you're at the starting point. Obviously, given the circumstances, you'll know what the answers to those questions are. But if we were to say it's a market that is in existence and there...and we have access to that existing data, we will then know what the missing links are. And then we would have to say to ourselves, given that information, would we need to create some market research of our own? Now, this is what we call primary marketing -- market research. Primary market research, which is basically unique data to us. We would pay for, we would spend time, money, and resources on finding out this information. And how can we utilize that to our own benefit? How can that research make us a stronger proposition to the existing competition? The research we would conduct, would it be quantitative or qualitative? What do we really want? Do we want numbers? Do we want data in volume so that we can use that to justify what we're doing? Or do we want quality data? In other words, are we aiming a specific sector in the marketplace, which is relatively small? And therefore, find out what the emotional rationale is behind the potential customers. What is it we want to achieve? So these are the kind of framework things that we need to take into account when looking at launching a new product into the marketplace.