Market Research Summary
Required to provide market-related information and data to underpin decision-making in all aspects of strategy development, portfolio management, the new products process and life cycle management.
Anderson, A. M. (2017). Life Cycle Management. Product Development and Management: Body of Knowledge: PDMA, (pp. 211-246).
- Market research includes a range of techniques that are essential to product developers and product managers in gathering market information for improved decision-making throughout the new products process.
- There is a broad range of market research techniques that provide varying levels of quality and reliability of information. It is important to recognize the costs and risks associated with a specific decision and select a technique appropriate to these costs and risks.
- Two basic categories of market research are secondary, “research that involves searching for existing data that was originally collected by someone else”, andprimary, “original research conducted by you (or someone you hire) to collect data specifically for your current objective.”
- On-going application of market research throughout the new products process significantly increases the chances of product success. Specific techniques are more appropriate at different stages of the process.
- Generally speaking, techniques that are founded on some form of statistical sampling provide greater reliability and confidence in the information. These are referred to as quantitative techniques. Those techniques that provide mainly descriptive information without any prescribed level of statistical reliability are referred to as qualitative.
- Some techniques, such as crowd sourcing and big data, have been developed and applied with increasing frequency over recent years. Although these techniques are not founded on statistical sample selection they do provide a large volume of data that can compensate for the lack of statistical reliability.
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