The paper "Researching the Consumer Market and Develop New Product" is a great example of a Marketing Case Study. The development of new products has become an important aspect especially in the fast-evolving world which is very competitive. This requires that the developer of new products creates an idea about the product and then test the prototype of the product to judge the chances of success. This helps to understand the augmented and core attributes of the product from the consumer point of view. This report thereby looks towards developing a new product that has been judged on different attributes so that the target potential market and the attributes that the product has can be identified.
The product has been developed based on research which highlighted the demand for such a product and has been tested through a prototype which ensures the derived benefit for which it has been developed Details of the New Product It is seen that a large section of the population forget the place where they have kept their valuable items and then spend a lot of time in searching for it.
This results in a wastage of effort and time which could have been used for some other productive activities. This created an idea of developing a product which helps to find missing objects. A research carried out in the same field showed the demand for such a product and was tested by creating a prototype of the product. This developed a new product called “ Find Master” . The product will help the purchaser to find their misplaced valuables easily. To reduce the chances of misplacing the product a beeper needs to be placed on the product which will be pressed through the buzzer and the beep sound will help to find the product.
This will help the person to find the product easily and doesn’ t have to search for the product everywhere. This product will aim at people who have a high tendency of forgetting things and waste a lot of time searching for the item. Since the product is developed in a manner that is small in size it will ensure that it can be attached to any product without providing any weight to the product.
This will thereby be very acceptable and attractive to the customers as it will provide the user benefits that other products in the market don’ t provide (Luther, 2001). Research Justifying the Product Need To gauge the requirement of such product research was conducted. The findings of the research showed that there is an increased demand for such a product. A prototype was hence developed which was tested and it worked as the beeper and the beep souns helped people find the products which were kept at a different place. The prototype of the product looked at different designs and after keeping in mind the fact that customers won't prefer a bulky product which when attached to the product spoils its look a product was developed which is small and lightweight.
This prototype was successful as customer acceptance was high and people accepted the product easily.
Luther, W.M. 2001.The marketing plan: how to prepare and implement it (3rd ed).New York: AMACOM; London: McGraw-Hill
Stapleton, J. 1997.How to prepare a marketing plan: a guide to researching the consumer market (5th ed.), Hampshire: Gower
Westwood, J. 2002.The marketing plan: a step-by-step guide. (3. ed) London, Kogan Page.