My task is to find out about the steps it takes to launch a new product. In order for me to complete this task, I am going to use an idea of my own to launch as a new product. This will enable me to find out exactly how to launch a new product. The idea I chose to launch, as a new product is a web designing software. I will carry out market research in order to reduce the risk of failure. This I done by finding out what the customers needs and wants are. There are two types of research I can conduct to gain the information that is required to me, primary research and secondary research.
Primary research is to carry out surveys, questionnaires, and etc. by yourself or through a market researching company to get the information necessary. Secondary research is obtaining information that is already available due to previous research. I am going to use both, primary and secondary research methods to get the information that I need. This is because by using primary research methods, I can gain information that will specifically be useful to me.
By conducting secondary research, I may not be able to gain such useful and specific information, however, I may find some information that will be useful to me. I am going to use questionnaires and surveys to get information that I need as primary research. To get secondary research, I will use the Internet for sources of information. I am going to use these methods to gain my research because I think these are the best and most effective ways to get the information necessary. They are also very time efficient. I will not use interviews because most people ‘do not have enough time for a long interview’.
Data cannot be collected from every individual within a market or segment, it would be too expensive and time consuming, and therefore I will take a sample of the target population (potential customers) using the random sampling method. This would mean that each person would get as much chance of getting picked as the next. From my research, I hope to find out whether launching a web designing software is a good idea or not. I will analyse my results according to price, place product and promotion.
This would give me a clear description to how successful my product would be if I were to launch it. This will also help me decide if I should change my idea of launching a web designing software to something else. To carry out my research, I asked random people on the streets that were interested in purchasing a web designing software. I let them fill the questionnaires in themselves. I asked for their gender and age because I wanted to find out what my typical customer is. The income question was to see which socio-economic group they are in. these are my results.