Research supports to know current and future needs of a market

Journal entry number: 1

Week: 5

Insight:

Research supports to know current and future needs of a market.

Elaboration of insight:

Research and development is an important part for the organization to about the characteristics of the market place. This helps ion to recognize the market opportunity that how to cater the changing environment of the market place. The product design and specification are recognized through the research and development of the market. The identification of the market needs and wants are necessary for the company to know about the volume and distribution of the products according to the target market. Research helps for the companies to implement the creative and innovation in the product category, extension of product line and improvement in the service escape. This research defines the point of differentiation through continuous innovation and creation in the market place.

Assignment Research supports to know current and future needs of a market Abc Date Journal entry number: 1 Week: 5 Insight: Research supports to know current and future needs of a market. Elaboration of insight: Research and development is an important part for the organization to about the characteristics of the market place. This helps ion to recognize the market opportunity that how to cater the changing environment of the market place. The product design and specification are recognized through the research and development of the market. The identification of the market needs and wants are necessary for the company to know about the volume and distribution of the products according to the target market. Research helps for the companies to implement the creative and innovation in the product category, extension of product line and improvement in the service escape. This research defines the point of differentiation through continuous innovation and creation in the market place. Application of this insight: In elaborating the importance of the research and development, it must be understood the research methodologies that are used in the research. In exploring, the example of introduction of new product like android phone with extremely new specifications is the requirement for the customer. This decision is taking through the process of research. The marketing researcher first identifies the target market and then initiates the needed requirements for the customer. The extra ordinary features in android phone are established through the research that it is the need of the customer. The customer wants new features in the android phone. Thus to sum up all discussion it could be analyzed that the research plays an important role when launching a new product. Before launching a new product, the organizations conduct exploratory research by conducting surveys and observations through the research methodologies.

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Paper's Detail

Category Marketing Channel Management
Paper Type APA
Reference Type Assignment
Words 300

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