purposeful development
(noun)
Innovation that occurs in response to a market need that existing product lines cannot satisfy.
Examples of purposeful development in the following topics:
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Idea Generation
- Innovation is crucial for the development of successful new products.
- Discussed below are five crucial sources of innovation: technical breakthrough, non-technical idea development, environment, serendipity, and purposeful development.
- Purposeful development occurs when there is a strong need for certain goods or services.
- Thus, purposeful development occurs when there is a need that requires satisfaction, as opposed to when demand creation is required for a new product for which there is no initial desire in the marketplace.
- A good example of purposeful development is the heavy investment that pharmaceutical firms make to discover new prescription drugs.
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Goals of Consumer Market Research
- For instance, a consumer goods company that wants to develop a new cheese product for the growing Hispanic demographic can use market research.
- If the consumer market research demonstrates that consumers do in fact have an unsatisfied need for a cheese that could replace the product they are currently consuming in Latin America, the company could go ahead and develop the cheese product.
- For instance, a consumer goods company that wants to develop a new cheese product for the growing Hispanic demographic can use market research.
- If the consumer market research demonstrates that consumers do in fact have an unsatisfied need for a cheese that could replace the product they are currently consuming in Latin America, the company could go ahead and develop the cheese product.
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Consumer Products
- A consumer product is any tangible product for sale that is used by a person or household for non-business purposes.
- A consumer product is generally any tangible product for sale that is used for personal, family, household or non-business purposes.
- The act gives the CPSC the power to develop safety standards and pursue recalls for products that present unreasonable or substantial risks of injury or death to consumers.
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The Development of Value-Driven Firms
- For a long time, the sole purpose of a company, it was thought, is to make profits, at least in the minds of CEOs who normally focus on short term returns.
- Demonstrate how information guides companies to develop value driven marketing plans and approaches
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Plan the Research Design
- It details the procedures necessary for obtaining the required information, and its purpose is to design a study that will test the hypotheses of interest, determine possible answers to the research questions, and provide the information needed for decision making.
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The World Trade Organization (WTO)
- The organization is attempting to complete negotiations on the Doha Development Round, which was launched in 2001 with an explicit focus on addressing the needs of developing countries.
- Assists in developing, least-developed, and low-income countries in transition to adjust to WTO rules and disciplines through technical cooperation and training.
- The conflict between free trade on industrial goods and services, but retention of protectionism on farm subsidies to the domestic agricultural sector (requested by developed countries) and the substantiation of the international liberalization of fair trade on agricultural products (requested by developing countries) remain the major obstacles.
- These points of contention have hindered any progress to launch new WTO negotiations beyond the Doha Development Round.
- Review the purpose and status of the World Trade Organization (WTO)
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Support Personnel
- In technical support roles, the purpose is to help potential customers understand and compare the solutions that are available for purchase (the pre-sales role); to troubleshoot problems with their implementations—that is, to help ensure that the solutions work successfully once the buying decision has been made (the post-sales role); and to maximize company sales by assisting customers.
- It is also common for support personnel to collaborate with their company's design, production, engineering, or research & development (R&D) departments to determine how products and services could be made or modified to suit customers' needs.
- Examples include airliners, weapons systems, and IT systems (such as telecommunications or databases and their dependent applications for purposes like logistics or customer relationship management).
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GE Approach
- Other considerations regarding market attractiveness include what if any opportunities there are to differentiate products and services, demand variability, segmentation, distribution structure, and technology development.
- While the GE / McKinsey matrix was originally used to assess a SBU, corporations can use this for other purposes as well.
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Handling Objections
- The purpose of listening to the buyer is to gain as much knowledge as possible about their objection.
- It shows they value their buyer-seller relationship and will hopefully not damage the rapport that developed.
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Defining Objectives and Formulating Problems
- The first step in any marketing research study is to define the problem , while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making.