Discuss the scope and importance of product planning in international market 250words
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A small company should consider doing both qualitative and quantitative marketing research for its new product. Focus groups are an example of qualitative information. Focus groups allow companies to ask their consumers about their likes and dislike of a product in small groups. A focus group allows the company to tweak the product concept before testing it through phone surveys—a more quantitative marketing research function. Phone surveys enables a company to test its product concept on a larger scale, the results of which are more predictable across the general population. Qualitative research is a method of inquiry employed in many different academic disciplines, traditionally in the social sciences, but also in market research and further contexts.[1] Qualitative researchers aim to gather an in-depth understanding of human behavior and the reasons that govern such behavior. The qualitative method investigates the why and how of decision making, not just what, where, when. Hence, smaller but focused samples are more often used than large samples. Quantitative research refers to the systematic empirical investigation of social phenomena via statistical, mathematical or numerical data or computational techniques.[1] The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena.
Market research is the one stage of product planning and it can be regarded as the way to accomplish the activity though designing questions, preparing the samples, collecting data and analyzing. It also can be considered as a kind of the communications between markets as research is always question-answer form. For example, suppliers can collect buyers’ suggestions and opinions through research and then get conclusion so that they can get buyers’ satisfaction. In short, market research is applied to get market information, market segmentation, market trend and SWOT analysis such as consumer perceptions, market structure, distribution, past trends, strengths and weakness. The process to get these information can be divided into four parts which are definition, collection, analysis and interpretation. The steps are objectives, planning, data collection, data analysis, reporting and marketing decisions.[1] Thereinto, data collection is the communication process as interviewers ask some questions and shoppers answer these and marketing decisions are results of communication.
Market researchers always use quantitative and qualitative research to differentiate the methods of investigation into those which are cared about getting an understanding of a subject and those which are involved in measuring things. At a word, quantitative and qualitative mean that one is based on quantity and the other one on quality. Qualitative research can be looked upon as a number of ways.[2] Qualitative researchers do not need to interview so many people but they speak to really do count. The researchers are interested in asking ‘How’ questions not like ‘how many’. Sampson(1967) has said that “ it is centrally concerned with understanding things rather than with measuring them” this means that the lack of measurement can not make sure that the findings are accuracy. For example, the government has until recently used little qualitative research as it is worried that the public security would not believe these findings. Qualitative research is suited to solve the problem areas as following. The first one is basic market exploratory studies. For example, the research findings can be used to define consumer segmentations in relation to a product brand or understand the dimensions which differentiate between brands. The second one is new product development. For instance, product, packaging, positioning and advertising information can be collected through researching to confirm a new product proposition. The third one is diagnostic studies which is used to determine to what extent the brand image has changed since the start of an advertising campaign. (Gordon,Wendy,1943). The methods of qualitative research can be departed into observation and focus groups. Nowadays, observation is used wherever people think that watching is better to speaking and it plays an important role in researching people who can not articulate correctly and clearly what they think. It is frequently applied in shopping surveys particularly in-store, it regularly make customers try products and then ask them questions or do surveys. The results sometimes will be more reliable and creditable. Focus groups also can be called group discussions which is a tool on the basis of psychotherapy where it has found that if people are divided into small groups and asked to share their opinions and suggestions, they will be open up.
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