Impact and Role of Market Research in New Product Launch Process
Essay from the year 2012 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, Prifysgol Cymru University of Wales, course: Marketing Managment, language: English, abstract: This essay explains the stages of new product launch from the idea generation to the commercialization and examines the impact and role of marketing research in this process. The study identifies the factors that affect new product success and failure by giving examples from market tops and market flops and evaluation criteria were developed to search for the answer of the question why they succeeded or failed. Hypotheses were generated for the new product failures despite market research support as well.
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advertising or price attack back strongly became very successful BlackBerry brand Business analysis buy the product clients Coca Cola Company Coke took place compete Concept testing current product-market situation design or futile Edsel was launched fail failure is related Ford futile performance Guiltinan high development costs Hypothesis Hyundai Idea screening ignored market research Impact and Role inadequate distribution support Indian market insufficient ROI Jain Kotler & Keller launching the product market entry market seduction marketing mix strategy Marketing strategy Misconceived or ignored overestimating the market Pepsi Cola Pessemier phase poor launch potential consumers previous year’s models prices of previous Product Development NPD product failure product idea product introduction Product Launch Process product life cycles product success quality of accomplishments research and consider right market research ROI or refund Santro situation & Specifying Specifying strategic objectives strategy and development Test marketing well-defined product Wrong market research year’s models arrived