Download - Market Research Flow & Methodologies
MARKET RESEARCHfor PRODUCT DEVELOPMENTAUTHOR: ELENA TRANHTTPS://WWW.LINKEDIN.COM/IN/ELENATRAN9026/08/15
A NEW PRODUCT A completely new producto Innovation to the marketoMay create a new market
Additions to existing product lineso New supplements to current products
Modifications of existing productso Improve product performance to meet higher demands
Product life cycle
Develop Launch Grow Maturity
TIME
SALE
DEVELOP - RESEARCH FLOW
Define the needs
• Set research objectives
• Identify possible marketing actions
Research questions
• Specific constraints
• Identify essential data metrics for marketing actions
• Determine how to collect data
Collect information
• Secondary data• Primary data
Analysis & suggestions
• SWOT analysis• Profit analysis• User analysis• Competitor analysis
Take marketing actions
• Implement recommendations
• Evaluate results
Step 1 Step 2 Step 3 Step 4 Step 5
Clarity & purpose of the product:o Is the purpose of the new product clear?o Can potential users be persuaded of the product’s benefits?oWhat value do we deliver to the customer?
Assess demand for the product:o Does the product meet the need?oWhat is the specific nature of target customers’ requirements?
User analysis of new productoWho are potential customers? What are user persona?oWhich customer’s problems are we solving?o How likely are potential customers buy the product at face value?
DEVELOP – RESEARCH QUESTIONS
User behavior of existing products:o How long are existing product used?o How frequency does customers contact for updates?oWhat do they demand for existing product upgrades?
Identify market gapsoWhat challenges do people face while using existing products?oWhat demanded requirements are missing?o How are current customers satisfied with the existing products?
Value-based pricingo Is the price reasonable to benefits?o How is the price compared with competitors?
DEVELOP – RESEARCH QUESTIONS
Secondary Research via external sourcesoMarket sizingo Forecasts
Primary ResearchoQuantitative (surveys, polls, crowdsourcing, social media)oQualitative (one on one interviews, focus group, etc.)
New approacheso AB tests of products and pageso Online focus groups/forums, crowdsourcingo Social media pools, ID of early product testers and influencers
DEVELOP – COLLECT INFORMATION
Stre
ngth
Wea
knes
s
Opp
ortu
nity
Thre
at
DEVELOP – SWOT ANALYSIS• What does
EngineThemes do better than others?
• What are EngineThemes USP?
• What do competitors and customers in your market perceive as your weakness?
• What is EngineThemes competitive edge?
• What PEST changes are taking place that could be unfavorable?
• What restraints is EngineThemes facing?
• What are competitors doing that could negatively impact EngineThemes?
• What do other companies do better than EngineThemes?
• What elements of the business add little or no value?
• What do competitors and customers in WordPress market perceive as your weakness?
• What PEST changes are taking place that could be favorable?
• Are there currently gaps in the market or unfulfilled demand?
• What new innovation could EngineThemes bring to WordPress market?
DEVELOP – PROFIT ANALYSIS (Five Forces)
Supplier power
Number of suppliers of product
Uniqueness of product
Size and strength of the supplier
Cost of switching suppliers
Buyer power
Buyer information
Buyer volume
Buyer price sensitivity
Buyer switching
costs
Bargaining leverage
Threats of substitution
Buyer switching
cost
Buyer tendency to substitute
Product differentiati
on
Threat of new entry
Switching costs
Economies of scale
Learning curve
Capital requiremen
ts
Patents
Rivalry
Number of competitor
s
Size of competitor
s
Industry growth rate
Differentiation
Exit barriers
Market share
Market growth
DEVELOP – COMPETITOR ANALYSIS (Four Corner)
Motivation• Financial goals• Corporate culture• Organization structure• Leadership team backgrounds• External constraints• Business philosophy
Current strategy• How their business creates
value• Which field their business is
targeting• Relationships and networks
their business has developed
Management assumptions• Company’s perceptions of
strengths and weaknesses• Cultural traits• Organization value• Perceived industry forces• Belief about competitor’s goals
Capabilities• Marketing skills• Ability to service channels• Skills and training to work force• Patents and copyrights• Financial strength• Leadership qualities of CEO
FUTURE COMPETITOR STRATEGY