Purchase Solution

Consumer Research By Marketers: Targeting New Products

Not what you're looking for?

Ask Custom Question

Reply to the following:
I totally agree that consumer research is critical to new product development. Customer needs and wants are the logical place to start the search. Companies are increasingly turning to "crowd sourcing" to generate new ideas. Crowd sourcing means inviting the internet community to help create content or soft-ware, often with prize money or a moment of glory as an incentive (Keller & Kotler, 2012). There are other approaches that can be profitable, our textbook also listed - Ten Ways to Find Great New Product Ideas, the following included customers:

1. Run informal sessions where groups of customers meet with company engineers and designers to discuss problems and needs and brain-storm potential solutions.

2. Make a customer brainstorming session a standard feature of plant tours.

3. Survey your customers: Find out what they like and dislike in your and competitors' products.

4. Use iterative rounds: a group of customers in one room, focusing on identifying problems, and a group of your technical people in the next room, listening and brainstorming solutions. Immediately test proposed solutions with the group of customers.

Purchase this Solution
Solution Summary

This response discusses the importance of consumer research when developing a new product.

Solution Preview

Crowd sourcing is a good way to integrate 21st century technology into the marketing research and consumer ...

Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Team Development Strategies

This quiz will assess your knowledge of team-building processes, learning styles, and leadership methods. Team development is essential to creating and maintaining high performing teams.

Introduction to Finance

This quiz test introductory finance topics.

Organizational Behavior (OB)

The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

View More Free Quizzes
Related BrainMass Solutions

  • Emerging media and marketing

    Overview An overview of new delivery methods shows how they are changing access to consumers and marketers. Marketers and consumer behavior will change in the future.

  • Internal Influences

    An in-depth research can be done by smart marketers to identify the factors that affect the purchasing decisions of the sub-culture groups.

  • Key Marketing Processes and Their Application

    Differentiation is resorted to by marketers so that marketers can charge a higher price for their products. Differentiation prevents a product from being reduced to a commodity.

  • Market Research Methods for Consumers

    Product User Focus Groups Though sometimes more costly than other forms of market research, product user focus groups can provide a wealth of information to marketers and product developers, to aid in refining the products and in targeting consumer

  • Marketing a Coffee Brewing System

    While marketers selling to other businesses operate with most of the same marketing tools used by marketers of consumer products, how they employ these tools to reach their marketing objectives may be quite different.

  • How Does Market Segmentation Help Marketers

    Think of three products and/or services that you see in advertisements (television, print, etc). What are the products and/or service, and who do you think they are targeting?

  • Marketers use personality tests to understand consumer behavior

    This is seen in companies such as Pepsi, who have traditionally foregone the family approach taken by Coca Cola, and instead focused on setting new trends by targeting subcultures such as young people who are counterculture.

  • Major differences between business and consumer markets

    Consumers are tempted by targeting their wallets with good prices, their egos with luxury and unnecessary items, and their jealousy by telling them others of their same type already have or are going to possess items.

  • Factors Marketers Consider in Market Research+ Strategies

    This can help a company develop a strong following while marketing more efficiently, targeting its' products and prices to a particular niche.

View More Related Solutions