New Product Marketing Research

The steps outlined below are questions that a company would consider in the process of introducing a new product. Examples of sources are given as guidelines in answering similar questions for any product introduction.  This is not intended to be the extent of the research needed for an actual case.

Six Steps of Research

  1. Planning Product Research
    Where are lists of sources relating to this product?
    Where can I find information on the background and outlook of the industry?
    Where can I find current literature relating to this product or industry?
    Where can I find statistical data relating to this product or industry?
    Where can I find market research reports previously published on the product?
    How can an invention be produced and marketed?

     

  2. Product Descriptions
    What will be the SIC or NAICS classification code for the product?
    Which brand names already exist?
    How is copyright compliance assured?
    What is the process for applying for a trademark or patent?

     

  3. Product Marketing
    Which products dominate the market share in this industry?
    Who are the competitors in the industry?
    Who are the potential consumers for this product? Businesses? People?
    Where are studies of consumer buying behaviors?
    Where are product reviews located?

     

  4. Producing the Product
    Where would raw materials or parts be obtained?
    Which standards exist in the industry for this product?

     

  5. Promoting the Product
    How can advertising agencies, research firms and marketing consultants be located?
    Which media should be used for advertising?
    Where and when are trade shows in this industry held?
    How are channels of distribution located? Wholesalers? Retailers?

     

  6. Placing the Product
    Which geographic market would be appropriate?
    What are the market trends in the geographic market?
    What are the demographic statistics for the area?

 
 

Planning Product Research

  • Where are lists of sources relating to this product?
    • Encyclopedia of Business Information Sources. 2002. (Ref. HF 5353 .E52)
       This is a comprehensive listing of business related finding aids including abstracting and indexing services, almanacs and yearbooks, bibliographies, biographical sources, directories, encyclopedias and dictionaries, financial ratios, handbooks and manuals, online databases, periodicals and newsletters, price sources, research centers and institutes, statistical sources, trade associations and professional societies, and other related sources of information on each topic.
    • Search WebCat for books in the library - under "cosmetics industry" or "product management" or "new products"
  • Where can I find information on the background and outlook of the industry?
    • Standard and Poor's Industry Surveys. ( HC 106.6 S74) and Netadvantage
    • Standard and Poor's Outlook ( Ref. HG4915 .S77) Netadvantage
    • Gale Business Resources (Galenet)
    • Value Line (Ref. HG 4501 V26)
    • U.S. Industry and Trade Outlook. (Ref. HC 106.5 .A18)
    • Mergent's Industry Review. (Ref. HG4051 .M6)
    • Manufacturing and Distribution USA. 2000. (Ref. HF5035 .M36 ) Look for other USA titles.
    • Plunkett's E-commerce & Internet Business Almanac. (Ref. HF5548.325 .U6 P58) Look for other Plunkett titles.
    • Trade Associations
  • Where can I find statistical data relating to this product or industry?
    • Standard and Poor's Industry Surveys. ( HC 106.6 S74) and Netadvantage
    • Table Base (Dialog) - provides tables of data from many sources. Ask David for assistance.
    • Trade Associations - see above
  • Where can I find market research reports previously published on the product?
    • Investext Select (InfoTrac) - provides reports written by investment banks and research firms. Search for a company first, then choose the Investment tab.
    • FINDEX (Cambridge) - provides abstracts summarizing contents of market research reports
    • Frost & Sullivan (Dialog) includes market research reports in high tech industries. - Ask David for assistance.
    • Market Research.com. Ask David for assistance.
    • Reuter's Business Insight. Ask David for assistance.
 
 

Product Descriptions

  • Which brand names already exist?
    • Encyclopedia of Consumer Brands. 1994. (Ref. HF 5415.3 E527)
    • Brandweek
    • Brands and their Companies. 2000.(Ref. HF 5415)
    • BRANDNMS - DialIndex category in Dialog - Ask David for assistance.
 
 

Product Marketing

  • Which products dominate the market share in this industry?
    • Market Share Reporter. 2002. (Ref. HF 5410 M35)
    • Table Base (Dialog) - provides tables of data from many sources. Ask David for assistance.
    • Business and Industry Database (FirstSearch) - use the advanced search and select the business type "market share" and keyword "shampoo". Ask David for assistance.
  • Who are the competitors in the industry?
    • Reference USA - provides comprehensive lists of companies by SIC code and other search criteria. Access is in library only.
    • Million Dollar Directory (D&B) Annual. (Ref. HC 102 M5)
    • Mergent's Industry Review. (Ref. HG 4051 M6)
    • Manufacturing and Distribution USA. 2000. (Ref. HF5035 .M36 ) Look for other USA titles.
  • Who are the potential consumers for this product? Businesses? People?
    • MediaMark. 2001. CD-ROM (Ready Ref.) Ask David for assistance.
    • Reference USA - provides comprehensive lists of companies by SIC code and other search criteria. Access is in library only.
  • Where are studies of consumer buying behaviors?
    • LifeStyle Market Analyst. 1997. (Ref. HF5415.33 .U6 L54 ) - describes life styles in many geographic areas of the U.S.
    • Survey of Buying Power / Demographics USA. 2000. (Forthcoming in November) - provides demographic and marketing data on the county, city and zip code levels.
    • Official Guide to Household Spending. 1993. (HC110 .C6 A666 1993) - describes in tables how the U.S. spends discretionary income.
    • American MarketPlace: Demographics and Spending Patterns. 2001. (HA214 .A6 2001) - provides data on consumer spending in the U.S.
 
 

Producing the Product

  • Where would raw materials or parts be obtained?
  • Which standards exist in the industry for this product?
    • DataPro Product Specifications (Dialog/File 752) - covers specifications for products in computer, communications and office technology. Ask David for assistance.
    • NSSN: A National Resource for Global Standards http://nssn.org/
    • Specifications and Standards. (U.S. Docs. GP 3.22/2:231) - lists government publications that give standards and specifications
    • Underwriters Laboratories http://www.ul.com/
    • Web Servers Providing Standards Information http://www.iso.ch/iso/en/ISOOnline.frontpage
 
 

Promoting the Product

  • How can advertising agencies, research firms and marketing consultants be located?
    • Encyclopedia of Major Marketing Campaigns. 2000. (Ref. HF 5837 E53)
    • Green Book. From the American Marketing Association, an international directory of marketing research companies and services.
    • O'Dwyers Directory of Public Relations Firms. 1999. (Ref. HM 263 O37)
  • Which media should be used for advertising?
    • Gale Directory of Publications and Broadcast Media. Annual. (Ref. AQ2.45 .A97)
    • Broadcasting & Cable Yearbook. Annual. (Ref. HE8689 .B77)
    • Editor and Publisher Annual Market Guide. Annual. (Ref. HF5905 .E38)
  • Where and when are trade shows in this industry held?
  • How are channels of distribution located? Wholesalers? Retailers?
    • American Wholesalers and Distributors Directory. 1999. (Ref. HF5421 .A615)
    • Reference USA - provides comprehensive lists of companies by SIC code and other search criteria. Access is in library only.
 
 

Placing the Product

  • Which geographic market would be appropriate?
    • Survey of Buying Power / Demographics USA. 2000. (Ref. Forthcoming) - provides data at county, city and zip code levels
  • What are the market trends in the geographic market?
    • U.S. Market Trends and Forecasts. 1999. (Ref. HF5415.1 .U8 )
  • What are the demographic statistics for the area?
    • Editor and Publisher Annual Market Guide. Annual. (Ref. HF5905 .E38
 

This page was last edited December 1, 2005