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Marketing Management | "Product Research"

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Product Research

- by Vidhu Goyal *

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Page - 3

Factors Influencing Selection

Product selection, definition, and design take place on a continuing basis because so many new product opportunities exist.

Five factors influencing market opportunities are: -

  • Economic change which brings increasing levels of affluence in the long run but economic cycles and price changes in the short run. For instance, in the long run, more and more people can afford an automobile, but in the short run, a recession may alter the demand for automobiles.

  • Sociological and demographic change, which may appear in such factors as decreasing family size. This alters the size preference for homes, apartments, and automobiles.

  • Technological change, which makes possible everything from home computers to mobile phones to artificial hearts.

  • Political/legal change, which brings about new trade agreements, tariffs, and government contract requirements.

  • Other changes, which may be brought about through market practice, professional standards, suppliers, and distributors.

    • Product Life Cycle

    Products are born, they live, and they die. They are cast aside by a changing society. Product's life can be divided into four phases: introduction, growth, maturity, and decline.

    Product life cycles may be a matter of: -

    1. A few hours (a newspaper),
    2. Months (seasonal fashions),
    3. Years (TV, video recorders), or
    4. Decades (house).

    1. Regardless of the length of the cycle, the task is the same, i.e., to design a system that helps introduce new products successfully.

    Next

    * Contributed by: -
    Vidhu Goyal,
    Graduate from IMT Ghaziabad, Batch of 2006,
    Currently working with Max New York Life in Gurgaon.

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