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Consumer Research By Marketers: Targeting New Products

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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.

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

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

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You have a challenge to overcome in the marketplace. Nearly 2 in 3 people wish they had more energy, but 40% of consumers do not believe energy drinks are healthy for them. Your Vice President of Beverage Marketing believes this is an opportunity in the marketplace.

Your Vice President of Beverage Marketing has asked you to prepare a marketing plan to launch this new brand in the U.S. market. She has asked you to conduct research on the following:

Analyze the marketing environment, including the macroenvironmental factors. Outline what environmental factors you should be aware of and how you will adjust accordingly.
Perform a competitive analysis. Who are the firm's competitors and what is their positioning strategy for similar products? What are their marketing tactics?
Using the segmentation, targeting, and positioning process outlined in your textbook select your target market. Also, develop your positioning strategy.
Using the market research process outlined in your textbook, develop a research study to help you determine the pricing strategy for the product. What research method would you use and why?

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