Market Research and Product Development by Chloe Ferraiuolo

Instructions!

chloeferraiuolo — 2024-09-30 03:13:59 UTC

Working with a partner, skim read Chapter 13.2 (pg 223 - 231) in the textbook. Find THREE ideas or quotes from the text that piqued your interest and add them to this page. Posts are first-come, first-serve. No copy cats! After each pair has added three ideas, go around and share what you posted and why.

Ana & Kailey - Demographics

2024-09-30 20:30:31 UTC

"They analyze and label their markets by demographics. Demographics are facts about the population. These facts include age, gender, location, and income" (page 224).

Ana & Kailey - Market Research

2024-09-30 20:32:22 UTC

"Market research is the gathering and analysis of information on the size, location, and makeup of a market" (page 224).

Mel& Vianca

2024-09-30 20:33:06 UTC

"Market segmentation is the division of a market for a product into groups of customers who have the same needs & traits" (Pg 225)

Mel and Vianca

2024-09-30 20:33:33 UTC

"The marketing concept involves determining the wants and the needs of costumers and providing them more efficiently and more effectively than competitors."(page 224)

Ana & Kailey - Develop the Product

2024-09-30 20:33:52 UTC

"A prototype is a model of the actual product. It is used to see what the new product will look like" (page 226).

Ethan R

2024-09-30 20:34:14 UTC

"Market research ask shoppers to answer questions or give an opinion about new foods,"
"The goal of test marketing is to collect customers' responses to see if the product is likely to succeed
"The cost of launching a new product is very high."

Mario and Abby

2024-09-30 20:34:16 UTC

"Once the product is introduced, marketers track customers and responses to it. Their reports answer key questions that can be used in the company's research and development plans" (p 227).

Alex and Kry

2024-09-30 20:34:18 UTC

"Once the product is fully developed, it should be test-marketed. To test-market a product means to offer it in a limited market for a limited time" (p 226).

Mason & Gaven - And I Quote...

7846_68 — 2024-09-30 20:35:09 UTC

"Once the creative ideas pass the screening process, one or two of the ideas are developed into a business plan" (Page 226).

"When the product has passed the market test, it is ready for the marketplace." (Page 227)

Mel and Vianca

2024-09-30 20:36:33 UTC

"The written proposal provides a look at the market"(page 226)

Mario and Abby

2024-09-30 20:37:34 UTC

"After studying a market, firms can aim product or service at a group of potential customers. Target-marketing helps companies focus on the people most likely to buy their goods and services" (p. 225).

Alex and Kry

2024-09-30 20:37:56 UTC

"Critics of marketing sometimes say that products would cost less if consumers did not have to pay for marketing. Others say that, without marketing, we would not know about all of the products available, and there would be less competition"(p 231)

Alex and Kry

2024-09-30 20:39:36 UTC

"Market research shows that people prefer rectangular boxes over cylinders"(p. 230).

Mario and Abby

2024-09-30 20:40:16 UTC

"Workers often get together to think of new products. This is called brainstorming" (p. 225).

Jenny

2024-10-02 19:56:11 UTC

"...marketers gather information about the people who make up the market" (p. 224)

"Once marketers know the demographics of a market, companies can make products to fit that group" (p.225)

"To market a product successfully, a company has to understand what people want to buy and why they want to buy it" (p.228)