Principles Of Marketing
...In order to do so we have to carry out market research to see whether the product has a potential market and whether or not it will be a successful product.
The product I have chosen to introduce is a voice-activated microwave. This appliance can be controlled manually or by using voice commands. The company I have chosen to manufacture the product for is Sharp.
In order for me to gain knowledge as to how successful the business will be I have to carry out market research. This market research will tell me how successfully the product will sell if it was to go on the current market. To do this I need to carry out primary and secondary research. This data will tell me about the type of product and whether there is a potential market for my product.
Principles Of Marketing
Understanding Customer Needs
In order to anticipate change, Sharp to have an antenna that is highly sensitive to changes taking place in the buying population.
They need to look at:
The age structure of the population?
Tastes and preferences?
Incomes?
Market research is needed for organisations to gather information on the potential market for certain products. This is a vital aspect of all business if they are willing to succeed in their market. Sharp need to understand information on the target market to have a successful marketing mix. Market research is a cost-effective way of finding out what people want. Sharp should manufacture products that have a high chance of succeeding in their market. When the product is launched a carefully researched product stands less chance of failing.
Communicating With Customers
I will communicate with customers in the form of questionnaires and interviews. This will give me knowledge about the potential market. Using this I will have a larger understanding of what the customers want from their products.
The various tools...
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