Describe a new fictitious product ideaDescribe a brand new fictitious product concept| Technique for Conducting Market Analysis
No seasoned hiker would embark on a prolonged journey by way of a desolate wooded space with no compass. Regardless of the joys of the unknown, she or he would need, on the very least, some sense of course to level the best way. The identical may be stated of organisations embarking on the introduction of latest merchandise and types. Whereas it's a poor enterprise observe to by no means attempt one thing new, organisations ought to decide their course by conducting efficient market analysis.
Market analysis is undertaken for a lot of causes. An organisation may see a drop in gross sales, for instance, or might need to make the most of a chance that permits for introducing a brand new product or model into an untapped market. The very first thing an organisation must do is to grasp the difficulty and formulate an total analysis goal. Gross sales might fall for a lot of causes, reminiscent of altering demographics, traits or economics. To complicate issues, a few of these components might happen concurrently. Whilethe total query could also be easy (e.g. why are our gross sales declining? Will prospects on this new market purchase this product?), attending to the precise points and formulating the proper analysis questions for the market analysis is harder.
Market analysis as a strategic enterprise observe is on the rise, branching out from organisations promoting merchandise to people who ‘promote' intangibles reminiscent of political candidates or consulting companies (Jobber and Ellis-Chadwick, 2013).
In Unit 1 project, you examined how an organisation's present merchandise met its prospects' wants and values. On this unit, you plan a brand new product for a similar organisation you recognized in Unit 1 Particular person project. The brand new product ought to align with their model and might be launched in a brand new worldwide market.
To arrange for this Particular person Project:
- Assessment the organisation you chose in your Remaining Mission.
- Assessment the Readings from this unit. As well as, search the Web and College of Roehampton Library. Determine three related articles concerning market analysis approaches for figuring out market demand for branded merchandise.
- Consider a brand new fictitious product that you simply imagine could be commercially profitable in a brand new worldwide market of your selection.
- Select two market approaches that you simply imagine could be only in figuring out the demand for this new product.
To finish this Particular person Project:
- Describe a brand new fictitious product concept that you simply imagine could be a logical match in your chosen organisation and its model promise in addition to commercially profitable in a brand new worldwide market of your selection.
- Describe the market analysis approaches you selected that you simply imagine could be only in figuring out the related segments and demand for this new product. Your publish ought to clarify why you imagine they might be only in permitting you to higher perceive three of the next subjects by way of market demand:
o Present model energy (e.g. measures of brand name fairness)
o Market and section measurement and development
o Buyer section traits
o Rivals and options
o Purchaser behaviour and the shopping for course of (i.e. selection standards)
o Potential for the usage of digital advertising and marketing processes (e.g. ecommerce, social media) to help the shopper shopping for course of.
- Be sure you embody particular examples and help your postings with proof of the Readings and different present literature sources. Seek the advice of the Harvard Referencing Model Information for correct quotation and referencing info.
- Please reply the Particular person Project in a single Phrase doc.
Harvard format of references
MBA stage of writing and grammar
Plagiarism proof utilizing Turnitin.