Question

Topic: Student Questions

Research Before Launching A New Product

Posted by Anonymous on 3/10/2008 at 5:40 AM ET 250 Points
Hi,

I'm planning to do a research before the company where I have my internship launches a product. Now, I am a bit confused about what kind of research should I conduct.

I'm thinking about doing market research first. Which theories do you think I can use to do that? Right now, I only have Porter's Five Forces (for industry analysis) in mind. So, I need some suggestions.

Anyway, I'm also thinking about comparing the new product with possible competitors.

Thanks in advance!
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RESPONSES

  • Posted on 3/12/2008 at 7:28 AM Accepted
    Well it is good to see you caught the research bug.

    Firstly, you have to ask your future bosses what research they already have done so you do not duplicate it. Then inquire what THEY think would be the most useful research for the company and what resources, including your time, they can spare.

    Every good research study starts with definition of a problem you are trying to solve, only then do you select the best tools for the job.

    This might give you some ideas:
    Product research and testing.

    Good luck,

    Luke Zukowski
  • Posted by Corpcommer on 3/12/2008 at 1:32 PM Accepted
    If the research is for school credit, you should verify if your professor has to okay the topic/methods before you start it.

    Good luck.

    Corpcommer - MC
  • Posted on 3/13/2008 at 5:22 AM Author
    Thanks for the responses. I really appreciate your suggestions.

    Just one question though, how can I define the problem? Because the purpose of the research is basically to enable the company to launch a successful product. So I think there's no specific problem...

    The project is both for the school credit and the company. But I think I should focus more on the interest of the company. It's just that this is my first working experience and I haven't known whether all the theories that I've learnt are really applicable in the real working environment.
  • Posted on 3/13/2008 at 6:09 AM Accepted
    Well it really depends on what stage in development this particular product is; concept, prototype, beta or is it ready to be shipped out?

    See: What Problems Does Market Research Solve?
    and Why bother to conduct market research studies?

    Luke Zukowski
  • Posted on 3/14/2008 at 9:50 AM Author
    I think the product should be either in beta stage or ready to be shipped out.

    After thinking it over, my problem definition would probably be "how can we know the competitiveness of the market?". Or maybe "how can the company position its product to the right customers?".

    Hope those are good problems to tackle. Let me know if you still have some suggestions. Then I'll close this question :)

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