Mba Sem2 Mb0046 Spring2013

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MBA Semester 2
MB0046 –Marketing Management Q1. Explain the stages in the new product development process. Ans: The stages in the new product development process are as follows: 1. Concept generation and market structure identification

Idea generation
The first stage of new product’s evolution begins with an idea for the product. Hence this stage is also termed as ‘idea generation’. Ideas may originate from the following sources: Sales personnelMarketing personnelResearch and development department, Top management executivesProduction departmentCustomer service decisionsEmployee suggestion systemCustomersCompetitive products Foreign products etc. Market structure analysis

This process delineates the consumer’s perception of market by building a map outlining the critical consumer dimensions, positioning existing brands on the perceptual map, and indicating favourable new product opportunities.

Sales potential
In this step, the potential of a new product entry into the market structure is estimated.

Concept screening
At this stage, the ideas collected are scrutinised to eliminate those inconsistent with the product policies and objectives of the firm.

2. Advertising development
This stage of new product development involves the development of advertising and formulation of the product. All the advertising and technical developments of the product concept have a greater focus due to the results from the earlier stages.

3. Product formulation and testing
This stage is also termed as technical development. It is during this period that all developments of the product, from idea to final physical form, take place. The final decision whether a product should be developed on a commercial scale or not is decided at this stage. .

4. Testing the product
In this stage of product testing, the new product manager can check the feasibility and accuracy of product performance.

5. Commercialization and final launch
In this stage, the product is submitted to the market and thus commences its lifecycle. Commercialization is also the phase where marketing is most active in connection with the new product. This stage is considered to be a critical one for any new product and should therefore be handled carefully.

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Q2. Explain the steps in Marketing Research Process

Ans: The process of marketing research involves the following steps:

1. Identifying the marketing problem
2. Developing marketing research plan
3. Designing marketing research strategy
4. Collection of data
5. Analysis of collected data
6. Preparation of report.
1. Identifying the marketing problem
The first step in marketing research is identifying and understanding the marketing problem. What is the problem? What type of information is required to solve it? What segments of the related information are already available? Marketing researchers also make use of the available literature for an in-depth background study of the problem, which will help them to define the research objectives clearly.

2. Developing marketing research plan
When the marketing problem is clearly identified and formulated, marketing researchers should develop a plan to collect the relevant information. While developing the research plan, they should also familiarize themselves with the existing research findings. They can also take the help of library sources, as well as experienced consultants, persons with practical knowledge, etc.

3. Designing marketing research strategy
Marketing researchers should design the research strategy in accordance with the requirements of the problem. They should make certain hypotheses, the testing of which would be considered helpful in solving the problem.

4. Collection of data
Marketing researchers would either select primary methods or secondary methods or both for data collection. Their decision depends on the nature of study and objective,...
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