1 Focus Groups
Much of the uncertainty which companies face in the real world relates to new products and whether they will be successful. To reduce this uncertainty, focus groups may be used prior to the launch of a product.
A group of people are asked to give their opinion about a new product or service. The discussion takes place in an interactive environment in which participants are free to give their opinions and discuss them with other members of the group.
Members of the group are chosen at random. Often they are approached by employees of the marketing organisation in the street and asked to participate.
Prior to the meeting, the members of the group may be screened to ensure they belong to the target market to which the product is aimed.
A moderator may be present to ease the discussion.
During the meeting, the participants may be observed, usually without their knowledge, by marketing professionals who examine their body language, facial expressions and group behaviour.
2 Market Research
Market research is the systematic gathering of information about customers, competitors and the market. The type of information gathered in market research seeks to answer the following types of question:
Who are the customers?
Where are they located?
What quantity and quality do they want?
What is the best time to sell?
What is the long-term price?
Who are the competitors?
Market research can be used to help companies make decisions about the development and marketing of new products. The earlier the market research is conducted in the development of a product, the better, from a risk point of view.
Market research can be based on primary or secondary data.
Primary data means the company collects its own original data, for example, by conducting interviews.
Secondary data means that already published data is used, such as published statistics.
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