Your-Marketing-ToolkitSM
Initial Product Assessment
Your-Marketing-Toolkit provides a “Pervasive Marketplace Awareness” and facilitates customer information driven business development based on affordable quantitative marketing research. Your-Marketing-Toolkits are design to provide the “hands-on” testing of ideas. They are intended to help business management teams to fully utilize market information into the development of new product concepts.
Applications of the toolkits vary widely from initial product assessment to the more complex issues of planning a product launch and the repositioning of existing products and businesses. Initial product assessment is one of the must pressing of planning functions involving the business management team, marketing and the technical research groups who carry the initial responsibility for new product development. While it is often thought of as an evaluation, product assessment is often more a process of redirection and development. The Basic Marketing Toolkits have been developed to provide the initial market views of new products still in fairly early development. These Toolkits are often based on relatively small sample sizes. This is due to both the cost considerations and the need for more general assessment information. As a product is developed and the concept is refined along some evaluation or “Stage-Gate” process additional studies and toolkits will be called for.
Your-Marketing-Toolkit provides an interactive assessment environment that allows testing of the concept in respect to at least three issues: (1) its competitive position, (2) the value of its potential improvements, and (3) its optimum price and price range. These are evaluated not only in terms of the market perceptions but based on hypothetical or goal characteristics for the new concept.
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What are the potential improvements
worth? Product concepts generally focus around things that it will do better for the user than the competition. The fundamental question is what are these features and benefits worth to the customer? Your Basic Marketing Toolkit utilizes simple and affordable methods to measure feature customer value. Your-Marketing-Toolkit indicates the distribution of those values for individual benefits and bundles. |
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What needs to be improved? New products compete in an active marketplace not only in terms of new features and benefits but across the whole range of product and service characteristics. It is therefore critical to evaluate areas that the product and the firm, as the supplier, are perceived in terms of performance, importance and competitive advantage. This is done using dynamic Quadrant Maps. |
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How much should we charge for the new
product? Ultimately, the value of a new product to a firm is in terms of earnings. This is intimately linked to the price that should be charged. The Your Basic Marketing Toolkit uses concept testing procedures to measure the relative price sensitivity and to estimate optimum price and price range for the new product. |
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How will the new concept be received by
the market? Products compete on value and price. They attract different groups of customers based on their needs. The marketing strategy should be designed to “position” the product in the most desirable fashion for the firm. However, that may change from product to product and change with the situation. The Value Map, generated by the Basic Toolkit, is design to help locate the strategic position of the new concept. |
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Applications of Your-Marketing-Toolkit · Overall · Branding |
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For more information on developing Your-Marketing-Toolkits: Eugene B. Lieb Custom Decision Support, LLC (831) 854-2256 |
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