Marketplace Simulation
Market research is useful is useful when launching a new product in that it helps in various things. Marketing research helps in making marketing decisions; for instance it shows whether the customers are in need of the new product. Marketing research helps in determining the information on competitors such as their marketing network, their identity, scale of operations and customer focus. It also helps in deciding the target markets; and increasing the sales of a company which in return leads to maximizing profits.
There are various market researches that can be conducted to determine the market for a certain product. Conducting of market research to determine product features along with attributes for a various market segment will call for a qualitative primary research. This research will entail gathering data through interviews or by use of sessions of focus group. Open ended questions are included in the survey. Questions in this case can not be answered by use of a simple yes or no. They comprise of in-depth interviews, whereby interviews are conducted by trained executive to various respondents (Bresnahan, & Greenstein, 1997).
In the personal computer technology adoption life cycle it started with the introduction into the market. At this stage people were not aware of the technology and the sales were low as they familiarized themselves with the technology. This was followed by growth stage whereby the sales for the products increased. Then the maturity stage followed whereby the sales attained a constant level. Later other supplementary products entered the market and the product sales started to decline.
The product of interest is laptop. This laptop split from the market of desktop PC. After splitting it formed another market which gas currently established with the advancement in technology.
Reference
Bresnahan, T.M. & Greenstein, S. (1997) Technological competition and the structure of the computer industry; Retrieved http://www.stanford.edu/~tbres/research/techcomp.pdf
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