Boyd, Harper W. and Orville C. Walker (1990), Marketing Management, Homewood, IL: Richard D. Irwin, Inc.  Home/Search   Document Not in Database   Summary   Related Articles

....conducting research in relation to the amount of profit that the product will generate. A series of focus groups can cost anywhere from 5000 to 12,000. A full scale test market can cost upwards of 3 million. Each year, marketing research expenditures in the U.S. total 3 billion to 4 billion (Boyd, 1990). Marketing research takes time. Planning and conducting focus groups, and analyzing and summarizing the results can take six weeks or longer; test markets often run a year or more. Obviously, the costs must be weighed against the benefits. Exhibits 1 and 2, following, summarize times when ....

....their existing product line. Another source is consumers who provide ideas for product improvements, or define a new product that is needed. One way to get this information is to monitor consumer complaints on current product A Primer on Consumer Marketing Research The Volpe Center performance (Boyd, 1990). Focus groups are another way. Such groups are ideal because ideas are bounced around among the group members and can be developedfar more than is possible in one on one interviews (Hague, 1990) Step 2. Market Analysis Market analysis consists of gathering data, often through secondary ....

Boyd, Harper W. and Orville C. Walker (1990), Marketing Management, Homewood, IL: Richard D. Irwin, Inc.

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