Product planning
Secondary research usually provides details on key competitors and their market share, which is the percent of total sales that they hold in the marketplace.
Market research is one stage of product planning and is regarded as the way to accomplish the activity though designing questions, preparing the samples, collecting data and analysing them.
It provides significant insight into customers wants, needs, buying habits and behaviours and is a key tool used in the product planning process.
[7] The aim of qualitative research is to gather an in-depth understanding of human behavior and the reasons that govern such behaviour.
Quantitative research refers to the systematic empirical investigation of social phenomena via statistical, mathematical or numerical data or computational techniques.
[9] The objective of quantitative research is to develop and employ mathematical models, theories and/or hypotheses pertaining to phenomena.
In diagnostic studies, qualitative research is used to determine how the brand image has changed since the start of an advertising campaign.
A particular example is the application in in-store shopping surveys, which regularly allow customers to try the products and gather feedback.
It is based on the strict sampling methods so that its data or results have levels of accuracy and can be taken to represent and stand for the population or to projecting.
If the survey results prove favorable, the company may decide to sell the new product on a small scale or regional basis.
Product life cycle can be viewed as an important source of investment decision for the company.
Secondly, the level and growth of sales will change a lot during the four stages so the managers need to adjust the product plan appropriately and timely.
The last one is that the prices and costs will decrease markedly in the early stages of the product life cycle.
In addition, the cost of the things will be high like research, testing and development and the sales are low as the customer base is small.
