What do Marketers want to know?
What is product life cycle?
The product life cycle is the steps in time that a product surpasses from its creation to its decline. Creating a product, launching it to the market, sustaining it in the market throughout time, and building the product life cycle involves many instances in which decisions must be made. These decisions can define the future of the product life cycle, its success, or its failure.
Marketers want to know…. Everything!
There are many situations during a product’s life when marketers are called to provide solutions to specific problems, for example: need to launch a new product, or need to position an existing product, or change the aspect of a product, among many others. When this happens, marketers will want to understand what is going on with the context, with their audience, with their competitors, and lots of other factors that may affect the decisions they have to make.
Marketers want to know as much as possible so as to make the right choice at the right time. You may think it is curiosity but is more than that, it is analyzing the audience, understanding where the audience is standing in that specific moment, what they want, what they expect from the product or the brand.
There are five different statuses when talking of PLC (Product Life Cycle): Development or Pre-commercialization, Introduction, Growth, Maturity, and Decline. Each and every one of these statuses or stages can (and why not, must) be analyzed and researched by marketers.
For the development stage, marketers would want to research packaging, name, concepts, target segmentation. Secondly, for the introduction, they would test awareness, usage, new advertising. Third, in the growth stage, they would like to understand attitude, positioning, promotion. After this, in the maturity stage, they will want to investigate segmentation, lifestyle, or repositioning. If the fifth step is reached, the decline stage, marketers would want to understand price elasticity or cost reduction so as to make the product survive.
How do marketers do their research?
Marketers have two different ways of doing research: Quantitative and Qualitative. But also, they can use a primary or secondary types of information.
Quantitative is numbers; Qualitative is open questions that derive from emotions, opinions, much more deep personal information.
Primary information is when marketers look for the information by themselves. It is totally new information, focused on a specific subjects, based on what decision they need to make. Can be both qualitative or quantitative.
Secondary information occurs when marketers use information that has been collected by someone else. Another person did the research, it’s second-hand information that was researched for a purpose and that marketers can use to help take their own decision.
Quantitative and Qualitative research can be combined and used in the same investigation, also primary and secondary information may be used.
Doing the job
Research is a process on its whole. It has different steps that must be taken to reach the final objective. Marketers should pass through identifying the research need, designing the research study by defining the type of research they want and need to do, conducting the study by making interviews, surveys, and more; then they will analyze the results and share the insights they got.
This process needs to be neat, to be centered to be result orientated. Outcomes will help important decisions to be taken and may (will) define the product’s future.
Hope you liked today’s “Let’s talk about…” topic, I look forward to reading your comments and positions about it!