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Methodology Of
Product Research
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Marketing research
Market research is the process of systematic
gathering, recording and analyzing data about
customers, competitors and the market.
And the process of doing marketing research
in different nations is said to be International
Marketing Research.
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Role of International Marketing Research
International marketing research plays animportant role in the identification of threats andopportunities and development of a companysstrategies for globalization.
It enables a business to identify, evaluate andcompare potential foreign market opportunitiesand develop a marketing plan.
Research also provides a company with foreignmarket intelligence to help it anticipate events,take appropriate action, and prepare for globalchanges.
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Steps Of Doing Marketing Research
COMPETITOR ANALYSIS
OVERALL MARKET ANALYSIS
END USER/CUSTOMER ANALYSIS
ENVIRONMENTAL ANALYSIS
FORMULATING MARKETING
STRATEGIES
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COMPETITOR ANALYSIS
Product range
Products price positioning
Years of existence in the market
Competitors target market
Competition growth rate
SWOT Analyses
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SWOT ANALYSIS
Internal Scan
People (Human Resources)
Properties (Buildings,
Equipments and otherfacilities)
Processes (Technology,
R&D, M.I.S etc.)
Products
External Scan
Social factors
Technological factors
Economic factors
Environmental factors
Political factors
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OVERALL MARKET ANALYSIS
Overall market Size
Growth of Total Market
Addressable Market
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END USER/CUSTOMER ANALYSIS
METHOD
Telephone interviews based
on standard questionnaires.
Case studies are carried outas in-depth interviews -
most often face-to-face.
Focus Groups Discussions.
ANALYSIS
Lifestyle
Brand Awareness
Purchase behaviour
Perception of brands
Price sensitivity
Preference
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ENVIRONMENTAL ANALYSIS
METHODS
Ad-hoc
scanning
Regularscanning
Continuous
scanning
ANALYSIS
Indicators of the economy
Government stability and
policies Technology and
infrastructure
Socio-cultural factors
Environmental Laws
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MARKETING STRATEGIES
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COUNTRY SPECIFIC PRODUCT
CULTURAL DIFFERENCES
Language
Religion
Traditions
Images
Symbols
Roles in the family
Colour
GUIDELINES
Develop cultural empathy
Be culturally neutral and realize
that different is not necessarily
better or worse
Never assume transferability of a
concept from one culture to
another
Get cultural informants involvedinto the decision-makings.
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LOCATION ANALYSIS
STEPS:
Define critical project drivers
Develop selection criteria
Conduct location selection
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TARGET MARKET
Check out your competition
Analyze your product/service
Consider the psychographics of your targetaudience
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POSITIONING Define the segments in a particular market.
Decide which segments to target.
Understand what the target consumers expect and believe to be
the most important considerations when deciding on the
purchase.
Develop a product (or products) that caters specifically for these
needs and expectations.
Evaluate the positioning and images, as perceived by the target
customers, of competing products in the selected market
segments. Select an image that sets the product apart from the competing
products, thus ensuring that the chosen image matches the
aspirations of the target customers.
Inform target customers about the product (promotion).
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PRODUCT PORTFOLIO
TheBCG matrix method
determines product portfolio of a
business unit.
1.Question Marks (= high growth,
low market share)
2. Stars (=high growth, high market
share)
3. Cash Cows (=low growth, highmarket share)
4. Dogs (=low growth, low market
share)
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THANK YOU
Prepared by:- Section IM-1
Debaditya
Deepak Virmani
NakshatraRenubala
Rajesh Ranjan
Sanjeev
Sachit Chawla
Shivprasad ChauhanTajinder Pal Singh Puri