There are many ways for the product manager (PM) to gather information on their way to creating a successful business plan to present to upper management to justify the funds and support for new product initiatives, projects and activities. The research methodologies of quantitative, qualitative and experimental research are important processes to assess, identify and refine the many variables which help define the path to decision-making for new product development, product lines and product portfolios.
Primary research can be conducted by me or a company I hire to gather data and information for a specific project via interviews, focus groups and experimentation. This quality of information is more regulated with a specific purpose in mind. However, costs can be higher and may take more time to get results. Secondary research, on the other hand, is research using data which has already been collected by another person and can be relatively inexpensive. This data, however, may not be up-to-date and too general for a specific need. Secondary research can be found in journals, libraries and online sites. Primary and secondary research can be either quantitative or qualitative.
Qualitative research is defined as the compilation of information based on the intelligence gained from studying human behavior and the underpinnings for such behavior. The qualitative technique explores the reasons (how and why) decisions are made (in addition to the what, where and when.) In this research method, smaller samples are used to predict the behavior of a larger group and which involve an interest and delve into the details of an issue at hand.
A type of qualitative research is the focus group. In this scenario, a group of individuals (based on...
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• describe target market attributes
The employment of both quantitative and qualitative research when developing products will offer a strong foundation to make the right choice for the company based on consumer understanding.
Works Cited
Mora, M. (May 2010). How to Use Qualitative and Quantitative Research in New Product Development. Retrieved on 3/10/14 from http://www.aipmm.com/html/newsletter/archives/000417.php
Qualitative research. http://en.wikipedia.org/wiki/Qualitative_research
Focus group. http://en.wikipedia.org/wiki/Focus_group
“The Pizza Turnaround” Documentary”. (December 2009) Retrieved on 3/10/14 from http://pizzaturnaround.com/
Katz, G. Mar 3, 2010. What are the Drawbacks and Benefits of Ethnography? Retrieved on 3/10/14 from https://www.youtube.com/watch?v=9tHgNXzS2EY
Quantitative research. http://en.wikipedia.org/wiki/Quantitative_research
After several new product failures, the company began using customer input to help develop new products. In 1989, the fishing electronics industry is experiencing a downturn, and the company's sales and profits are slipping. The company, which has one product line (depth sounders) and a strong brand (Hummingbird), has conducted substantial market research on three new products. These products are project 901, hummingbird VHF Radio, Locator/ GPS navigator. Of these, project 901 is an extension of the depth sounder product, while the other two would be new product lines for the company. Top management is deciding which one or more of the three new products it should proceed with. In this paper, I will discuss the positive and negative aspects of each product ideas and my recommendations to Techsonic management
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