Adding Value to New Product, Research Paper Example

All organizations aiming at making profit always dream of expanding, where expansion calls for introduction of a new product into the market. Before developing the new product, the most essential step to take is to consider the customers, and identifying their needs; a market research enables this task. (Valentini, Montaguti and Neslin 68). This is not the only function of the market research, as it also adds value to the business. A market research helps in studying the market. It helps in the identification and anticipation of the changing consumer needs before the new product is developed.

The product for launching is an antioxidant- rich chocolate by the Hershey Company. The chocolate has goodness benefits like the antioxidants found naturally in the dark chocolate. It has special labeling, with high-leveled flavanols occurring naturally in cocoa beans. Research shows that this flavanols contained in cocoa beans increase blood flow to the brain, and at the same time, contributes to low blood pressure. This chocolate also plays a role in improving hydration, and skin texture improvements. The strategy to market the product is advertisement (Roberts and Adams 96). Various advertisement tools will employ the use of billboards, advertisement through the media, i.e. television and radios, and through social sites. Social sites would form the highest measure of advertisement as the target customers; youths are more likely to use the sites. To add on that publishers and writers of famous articles approached, where a request for the Hershey chocolate to appear on strategic pages made. The front, back page, and the middle page would form the main pages to hunt. Various researches show that the trends of purchasing a product seem to change statically after doing a market research. There is a rise in the sales after carrying out a market research, as there is identification and solving of the pitfalls. Being a new product and with enough research concerning the customers and their likes, there is a likelihood of a shoot in the number of sales. The following graphs show 1) the expected sale trends, 2) the various modes of advertising the product.

In order to carry out market research effectively, the right market research tools need employment. The various market research tools include online research, surveys, qualitative research forums, focus groups, and depth interviews. These market tools assist in decision-making, more especially in branding. Data and ideas that arise from the market research platform act as drivers to the specific information required.  It is this information that is essential in the decision making process on which tool is most viable.

With the evolving technology, the latest mode of communication needs employment. Further, the specialists in the data collection process, who are intelligent enough to handle all types of customers subjected to do the work (Rowley 39). With this, specialized analytical methods would apply to produce the best results appertaining market research.  Whereas the primary data would be the most efficient, secondary data, like comments in social sites would be of paramount help. Negative comments would call for improvements and adjustments, while positive one would encourage more effort. The charts below show the qualitative and quantitative forms of market research tools. Upon combining the two market research tools, the resultant data collection tool is a hybrid.

Pie chart showing the quantitative data collection tools

Pie chart showing qualitative data collection tools

To sum up, it is right to say that a market research is a pathway for businesses to follow.  It is through a market research that a company is able to identify loopholes into the competitive world, and to upgrade its mode of manufacturing products to fit the customer needs.  The Hershey Company’s is an example, whose success mostly bases its roots on the market researches it does.

Works Cited

Homburg, Christian, Artz, Martin, and Wieseke, Jan. Marketing Performance Measurement Systems: Does Comprehensiveness Really Improve Performance? Journal of Marketing, 76(3), (2012): 56-77. 22p

Roberts, Deborah, Adams, Richard. Agenda development for marketing research. International Journal of Market Research. 52(3), (2010): 339-362. 24p.

Rowley, Jennifer. Evidence-based marketing.  International Journal of Market Research. 54 (4), (2012): 521-541.

Valentini, Sara, Montaguti, Elisa, Neslin, Scott A. Decision Process Evolution in Customer Channel Choice Journal of Marketing. 75(6), (2011):72-86. 15p.