Marketing research of the product market is an integral part of any manufacturing industry. This research activity is divided into two parts: the analysis of existing types of goods or products and the study of new, potentially demanded brands.
Instructions
Step 1
Start your study of existing products by analyzing consumer attitudes towards each specific brand. To do this, conduct a survey of buyers in those places where this product is purchased, or carry out a survey in other ways, for example, by filling out answers to questions on sites, SMS polls, etc.
Step 2
As a result, you will determine the proportion of potential buyers who recognize a particular brand as the first in the list of acquired and recognizable ones. You will also compile a list of major competitors' brands. Based on this data, compare the relationship between brand awareness and market share it occupies with the average for that market, as some brands are more active than others.
Step 3
Next, study the opinion of consumers about these products, that is, analyze how this product meets the needs of buyers. Use a rating system for the questionnaire, in which buyers should indicate the level of quality and service of products or services in descending order. In the questionnaire, also indicate the source of information that the consumer refers to when choosing a particular product: exhibitions, advertising in the media, advice from friends, etc. Based on these data, formulate the degree of customer loyalty to a particular brand. In addition to direct customers, involve trade and service workers in evaluating existing products.
Step 4
The study of new, potentially demanded products begins at the stage of generating ideas for their creation. An important part of the analysis of the conducted surveys is the study of complaints about existing products, reasons for their failure, service problems, etc. Rank new ideas for the production of a product based on data on the degree of customer satisfaction, potential market capacity, analysis of competitors and prospective distribution channels.
Step 5
The final stage of creating a new product is trial marketing. In this type of research, product samples are provided for testing to potential customers, dealers or participate in exhibitions. Based on the analysis of the survey data on the correspondence of consumer demand for a new product, as well as after determining the degree of loyalty to the new product, make a forecast of the volume of sales and profits.
