MEDiVICE … accompanies you and carries out your market study
Some theoretical reminders:
√ Market research is a methodical work of collecting and analyzing information to better know and understand a market, an offer, a public. (Source: Mercator)
√ To carry out a representative study, one can very quickly realize that it is not simple to gather information. Markets that do not yet exist are characterized by a strong lack of benchmarks, insufficient pre-existing data, and a lack of competition, making it difficult to produce analyses.
√ The nature type of study conducted depends on the of its purpose, they are of 3 types:
● Documentary market study, which are summaries made from existing known documents.
● Quantitative market study allow as for them to describe, measure, predict and test
attitudes and behaviors.
● Qualitative market study seek to understand, to explore the motivations and the needs,
of the objects of study. The main purpose of these studies is to analyze in depth a given market
√ To carry out its studies, it is also necessary to:
● Find professionals to interview.
● Contact these professionals.
● Obtaining objective opinions.
MEDiVICE … supports you throughout the development and life cycle of your product
The (classic) life cycle of a product.
1. Launch phase, low growth, gradual introduction on the market.
2. Growth , rapid penetration of the product and increasing profits.
3. Maturity, slowing down of growth, as the product is already well established. The profit reaches its maximum level, then starts to decrease because of the expenses incurred to support the product against the competition.
4. Decline, characterized by declining sales and profits.
The 6 stages of the new product development process.
2. Definition of the product by filtering steps, which allows to reduce the number of ideas according to various criteria specific to the company.
3. Prototyping, the selected ideas are used to elaborate a concept, a detailed version placed under the angle of the customers benefits.
4. Initial design, the concept is tested with a group of consumers belonging to the target market, to verify the real interest.
5. Validation and testing, development of an appropriate marketing strategy for launch. This is followed by an economic analysis that evaluates the future sales, costs and benefits of the product to determine if the sales projections are in line with the company’s objectives.
6. Commercialization, if this analysis proves successful, proceeds to product development, before possibly implementing a market test and launching.