For a new product launch the research typically starts with the evaluation of the product and services followed by the understanding of the company parameters including company fundamentals and financials. Some of the methods used to understand the company parameters are net income modeling, company strategy analysis, cash flow modeling and market opportunity evaluation.
Then research is conducted using the various market research tools to understand the customers and the competition’s customers. Some of the steps involved getting the customer data are instrument design, data collection, coding, data entry, data cleaning, Poke Yoke and inspection based QC, data analysis and final reporting.
Based on the above, a product and brand strategy is developed. This is an iterative process where a few rounds of research, followed by information synthesis is conducted. The tools used in this section are concept generation, pugh selection model, reality validation, metrics dashboard and action plan development.
Once the plan is developed, then the project is ready for the execution phase. A rigorous action plan is developed which is executed by the company. It is important to ensure that the triple constraints are managed for action execution and results have be monitored for return on investment.