Research Topics: Product Development

Research Methodologies on New Product Development

RESEARCH METHODS USED FOR NEW PRODUCT DEVELOPMENT         In a certain company who would like to develop a new product or products, there are many methods to be used so that they can develop a quality products and services that they can cater to the public. Technically there are two new products in the company, the first one would be a new product that is new to the company and the other one would be a new product that is new to the market. These vary widely in research methodology because of its differences in nature.       A new product that is new to the company but already accepted in the market is a product that is already available but has not been included in the product line of a certain company. To easily understand let us take the company of Coca-Cola, they are leaders in light beverages but they have not attempted to go into clothing industry. If Cola-Cola would engage in a business of clothing industry then they will be having a new product but in the market it is an old product since a clothing industry is heavily flooding the market.       A new product that is new to the market is really a new product that has not been introduced, to sight an example we would say a single vehicle that can transform to be used on Air, Land and Water would definitely be a new product since this kind of product has not been developed and no such product is available. This product is definitely a new product that has not been introduced in the market. This is not an exaggeration of facts but new products like this one would soon be a future trend if ever there would be a vehicle as good as this one.         Now that we know the differences between a new product in the company and a product that is new to the market, then we can now identify the research methodology that we are going to use to develop such products.          A new product that has been accepted in the market would only need a slight identification or changes in features and appearance since it is already known and appreciated by the public although sometimes it may take time to launch it to the market. A company who would like to develop a new product can simply imitate or override with the research methodology of the pioneering company; they can simply ride on to the techniques to develop their products much better than the market leaders. Example is the computer and cell-phone or the typewriter to computer. It grows beyond leaps and bound, every year a new product which is far better than today.       New products start and developed because of a basic needs, this is definitely true, most products start with the needs and most scientist develop their products that are highly needed. Ex. is Medicine, Cars, House, and Electricity etc. So we are going to focus on the research methodologies of new products that are new to the market. Generally these are Products and Marketing Research Methods; ·         General Market Survey - A general survey for all residence is conducted. Company would gather figures and facts, interview people about the needs in the community; for example in a heavily isolated area where there are no transportation or communication, or an area where there are people susceptible to unknown disease ex: SARS in China or the nuclear flow in Japan. Companies have tried to find medicine that can prevent this isolated cases and disease so that people would be cured. Through this method they can come up with the hypothesis of what kind of product they are going to develop. ·         Personal Interview – Same goes through the Market Survey but this time there are series of question applicable only to the people who are suffering or needing the products they are going to develop; as for China’ SARS, they are going to conduct a personal interview of people who are suffering from the disease. ·         Data Gathering – If the company can get an actual materials or fossils needed to develop new products then the will gather data of what is best to use or decline, they are going to canvass materials for experimentation and conclusive observation to succeed. ·         Experimentation and Observation – Depending on the volume of Surveys and Interviews and Materials they have gather, this time it will be brought to the office or laboratory for observation of what really is needed in this area. This time they are going to do an experimentation to create the final conclusion of what product they are going to develop.  ·         Actual Testing or Sample – All new products need to be verified and tested to prove its worth. This actual activity can also be a part of promotion or advertisement of new product launching. If they have proven that the product is worthy, then basically the company is then ready to mass produce their new product to the market. And basically these are the general methods of research used to develop new products and services.   Credit:ivythesis.typepad.com

Research Methodologies on New Product Development

RESEARCH METHODS USED FOR NEW PRODUCT DEVELOPMENT In a certain company who would like to develop a new product or products, there...

RESEARCH PROPOSAL ON THE RELEVANCE OF MARKETING RESEARCH ON PRODUCT DEVELOPMENT: A CASE STUDY OF NESTLE FOODS

THE RELEVANCE OF MARKETING RESEARCH ON PRODUCT DEVELOPMENT: A CASE STUDY OF NESTLE FOODS   Rationale and Contribution Description of the Topic Product development is an innovative set of activities that is extremely important for long-term business survival and competitiveness, because product development cycles continuously need to become shorter (Wheelwright and Clark, 1992). Product development is typically executed in a project-management approach, and the organizational nucleus is the product development team. A multidisciplinary project team executes most product development projects. Market researchers; sales representatives; technicians from R&D, production, and technical service; and sometimes even potential customers and financial specialists are members of new product development teams. This type of project clearly deals with nonroutine tasks, especially in the first half of the project where the design task is concentrated (Wheelwright and Clark, 1992). On the other hand, Belief in the value of information for enhancing decisions by reducing uncertainty has increasingly led to the consensus that the growth and even survival of today’s business entities will depend on their strategies for handling and processing information (Deshpande and Zaltman 1982; Turner 1991; Glazer 1991). This study shall be an addition to the existing literature on the role of research marketing on the product development, particularly that of the Nestle product Milo.   Rationale of the Topic There are basically four steps in the marketing research process: define the problem and research objectives, develop a research plan for collecting information, implement the research plan by collecting and analysing the data, and interpret and report the findings (Justis, 1981). When defining the problem and research objectives, it is important that the research work closely with the decision makers to determine what research is needed and how it will be used. If this step is skipped, the results generally will not address the major problem (Andreasen 1985). In this setting, the research people must work closely with those people in the franchise who handle recruitment of potential franchisees. They must also work with the franchisees themselves to understand the needs of the market. Marketing research is designed to reduce uncertainty and provide knowledge. Thus, marketing research will help determine what is going right and what went wrong. Research can help understand consumers’ buying motivations and determine the strengths and weaknesses of the products or services.   Significance of the Study This study will primarily benefit both the youth and the leaders in the business sector particularly those dealing with product development.  The youth, especially those intent on a career in the corporate industry will find out what is expected of them by the industry, what future the business sector has for them, and what they have to do to be competitive career-wise, in this type of industry.  As for the businessmen, this study will show if their expectations and goals can be met by future batches of Business Management graduates.  Through feedback, they would be able to voice out their concerns regarding the quality of graduates and help the universities cope with their demands and the ever-changing needs of the industry.   Statement of the Problem Marketing research is designed to reduce uncertainty and provide knowledge. Thus, marketing research will help determine what is going right and what went wrong. Research can help understand consumers’ buying motivations and determine the strengths and weaknesses of the products or services. The three major functional roles in marketing research are descriptive, diagnostic, and predictive (McDaniel and Darden 1987). The study intends to investigate the effects of marketing research to the product development of Nestle Foods, particularly with the product Milo. Specifically, the study intends to answer the following questions: 1.                            What has been the sales trend for the Nestle foods during the last five years? 2.                            What are the consumers’ attitudes toward the Nestle product, Milo? 3.                            What are the effects of research in developing Milo as a product? 4.                            How did the market research and product development affect predictability of the market behaviour?   Methodology Research requires an organized data gathering in order to pinpoint the research philosophies and theories that will be included in the research, the methodology of the research and the instruments of data interpretation. In this study, the Research Process “Onion” will be utilized so that the findings of the study can be thoroughly established. The inner part of the onion describes the methodology portion whereas the outer part discusses the strategies that can be utilized in interpreting the results of the findings. The primary source of data is the market researchers of Nestle Foods, particularly those directly involved with the Milo products. The secondary sources of data will come from published articles from business journals, books and related studies on linguistics, reading strategies and institutions dealing with business management and product development.   References Andreasen, Allen R. (1985), “Backward Market Research,” Harvard Business Review, May-June, 176-182.   Deshpande, R., and G. Zaltman (1982). “Factors Affecting the Use of Market Research Information: a Path Analysis,” Journal of Marketing Research 19 (February), 14-31.   Glazer, R. (1991). “Marketing in an Information Intensive Environment: Strategic Implications of Knowledge as an Asset,” Journal of Marketing 55 (October), 1-19.   Justis, Robert (1981). Managing Your Small Business. Englewood Cliffs, N.J.: Prentice-Hall, Inc.   McDaniel, Carl, Jr., and William R. Darden (1987), Marketing, Boston: Allyn and Bacon, Inc.   Turner, P. (1991). “Using Information to Enhance Competitive Advantage – The Marketing Options,” European Journal of Marketing 25(6), 55-64.   Wheelwright, S. C., and K. B. Clark. (1992) Revolutionizing Product Development: Quantum Leaps in Speed, Efficiency and Quality New York: Free Press.       Credit:ivythesis.typepad.com

RESEARCH PROPOSAL ON THE RELEVANCE OF MARKETING RESEARCH ON PRODUCT DEVELOPMENT: A CASE STUDY OF NESTLE FOODS

THE RELEVANCE OF MARKETING RESEARCH ON PRODUCT DEVELOPMENT: A CASE STUDY OF NESTLE FOODS Rationale and Contribution Description of th...