MGIS 317 Lecture Notes - Motor Trader Magazine, Mintel, Market Intelligence

• School: University of Calgary
• Department: Management Information Systems
• Course: MGIS 317
• Professor: Ronald Schlenker

Document Summary

This is the process of collecting, recording and analyzing data about the customer, competitors and the market. To reduce the risks associated with new product launches. By investigating potential demand for a new product or service the business should be able to assess with some degree of accuracy the likely chances of a new product achieving satisfactory sales. Market research is still a key point in new product development (npd) and most firms would check market conditions before planning a new product. A travel firm may wish to investigate social and other changes to see how these might affect the demand for holidays in the future. For instance, the growth in the number of single-person households may suggest that there could be a rising demand for singles -type holidays. To explain patterns in sales of existing products and market trends. Market research is not just undertaken for new or planned products, it needs to be conducted for existing products too.