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CONTENTS
· Market Analysis
· Specification…read more

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MARKET ANALYSIS
· Market analysis is an investigation of a market that is used by a
company when planning future activities
· It is used by companies to help make a wide range of decisions
· It can influence issues ranging from how a new product is advertised
through to estimates on capital outlay
· Research is then used to produce a product specification
· Market analysis is essential in order to ensure that new products attain
a competitive edge over competitors…read more

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MARKET ANALYSIS CONTINUED
· The raw data can be collected in a number of ways: questionnaire,
processed and sorted so that companies can interpret the results.
Decisions are then taken about the nature of the marketing plan and
about how best to satisfy the needs of the intended customer.
· Examples:
· It could be used to look at the available market for a product
· It may be used to predict the expansion or contraction of the workforce.…read more

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MARKET ANALYSIS CONTINUED
Advantages
- Study the needs, wants and
- Research costs ­ market research
expectations of the customers
can be costly depending on the
- Investigate reactions of the customers methods that are used. It can also be
to the products of a company costly if you use existing staff to carry
- Evaluate company's sales promotion out the research as it has to be
measures for suitable adjustments and scheduled during working hours
Disadvantages
improvements - Time ­ it takes a long time (links to
- To study current marketing problems cost here , the longer the time, the
and opportunities for suitable follow up higher the cost
- To suggest the introduction of new - Lack of respondents to actually
products and/or the modifications of participate in the market research
existing products - Lack of experienced interviewers
- To study marketing competition, representing the company, possibly
channels of distribution and pricing for
suitable changes if necessary
- To find methods for making the product
popular and raising the company's
goodwill and marketing reputation…read more

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SPECIFICATION DEVELOPMENT
· In industry, developing a specification will be much more complex and
computer programs are used to help produce these specifications
· The advantage of this is that the process is swift, reducing the lead
time of a product, also it is easier to update
· When developing a specification for a new product, a whole range of
factors need to be considered: from function, user requirements,
materials and processes, performance requirements, scale of
production and cost.…read more

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