Marketing Research And Development 2
Posted by Linda in Marketing Research, tags: marketing research and developmentI’m covering marketing research and development in this series of posts. This second post in the series covers steps 3 and 4 in the marketing research and development process.
My last post covered the first two steps. If you missed it, you can access by clicking the link below:
Marketing Research And Development 1
Steps three and four include discovering a needed product and deciding on the product’s features.
Marketing Research And Development
Discovering A Needed Product
This step determines whether developing your product is worthwhile.
Just because people express needs doesn’t mean they are willing to exchange their money for fulfilling those needs. If they aren’t willing to pay you enough to make a profit, then you shouldn’t develop a product.
To learn if you can develop a profitable product, you can administer a survey to a random sample of target market members. Like a focus group, a survey has guidelines that you need to follow to assure that your results are valid. You can access my guidelines at
Strategic Publications: Questionnaires
Your survey questionnaire should ask questions to determine people’s attitudes about:
- the needs,
- how important those needs are to them,
- how it would benefit them to have those needs met,
- and what they would be willing to pay for those benefits.
This information will help you to decide what features your product should include.
To learn more about writing questions for surveys see
Surveys Sample Questions, Part 1
Marketing Research And Development
Deciding Features To
Provide Desired Benefits
People don’t buy for features. They buy for benefits. But you build in benefits with product features.
Your survey questions on benefits will tell you what features your product needs to have.
You need to also develop features to meet your target market’s needs. Once you’ve decided on what features you want to include in your product, you’re ready to take the next step in the marketing research and development process.
Take the next step by clicking the link below: Marketing Research And Development 3
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Posted 10-20-08:
Marketing Research And Development 2
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Hi sorry is this whole report for free or is there a charge included?
Hi Betany,
Yes, the report is free. Check it out. You’ve got nothing to loose and loads of information to gain.
Warmly,
Linda
Providing benefit and useful information is definitely one way to successfully brand your business and create a loyal following. Determining what your potential clients want, need and desire is the cornerstone of knowing what will be beneficial to them and they will find useful.
Hi Linda! Thanks for the free offer. One thing. Pressing “Give me my report now!” causes me to leave your site. I didn’t want to do that. Maybe you can have your programmer send us back here so we can either leave a comment or check out some of your other great articles.
This post reminded me of the days I was signed up with Home Testing Institute. I used to get surveys all the time, asking me lots of the same questions you mentioned here. They offered free product samples to try and then provide feedback but that was rare. Most of the time it was one survey after another. It got a little tedious so I dropped out.
Thanks, Linda, for a trip down memory lane! Deb
Hi Debbie,
Thanks for calling this to my attention. I’ll fix it to open in another window,
What the home testing Institute was doing was gathering information to help their clients determine the best target market for each client’s product or service,
What my free target market analysis does is to provide you with characteristics and appeals for a specific target market,
Warmly,
Linda
Hi Bill,
Thanks for your comment. It adds further insight.
Warmly,
Linda