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Product Research Markets constantly change, consumers needs and expectations change and competitors continually introduce new offerings. In order to ensure sustainable revenue streams from a product, it is necessary to constantly make changes to the product itself and its supporting marketing mix elements in order to stay competitive. Ask Afrika offers a range of research solutions ranging from new product and concept testing through to segmentation and pricing. Product FuturesTM New product development is essential to company success. Those companies who are able to develop and launch new products frequently are far more likely to be successful. However, the risks are great. Depending on the type of product, the costs of new product development can be so great that product failure means corporate failure. The costs of ramping up to full-scale production and marketing costs can sometimes far exceed the initial investment in prototype development. As a result it is important to weed our potential failures before moving beyond the prototype stage. Product FeaturesTM is our concept testing approach used to weed out products that are not likely to succeed. Product FuturesTM is a sophisticated form of concept testing, which combined with a basic product test is able to provide 1 year forecasts for market share and volume. In addition, actionable information is provided to improve product and marketing strategy performance. The basic model is depicted in the diagram below. BeagleTM BeagaeTM is Ask Afrika proprietary model to identify optimal price ranges and price points. BeagleTM identifies the optimal price point as the point which maximises profit. This is far more useful than traditional approaches which only indicate the % adoption at a price point or psychological acceptability. The model gives an indication of the average volume and revenue per customer at different price points. It also identifies a psychologically acceptable price range, making it ideal for entering new markets where information on pricing is minimal Segmentation Mass market strategies typically result in wasted marketing resources. Market segmentation allows resources to be conserved and focused where they will have maximum impact. Segmentation identifies homogenous customer segments which are likely to respond in a similar way to a specific marketing mix. While market segmentation has become routine, it often fails as the segments identified are arbitrary because they are not homogenous and differentiate from other segments. Traditional demographic segmentation typically results in segments which are not truly differentiated in terms of behavioural response. Ask Afrika offers a variety of ways to segment your market. Amongst others this includes demographic lifestyle, psychographic, loyalty, behavioural, usage and latent class segmentation. Benefits • Maximise R&D ROI • Lower launch risks • Identify failures before investing money in production and marketing • Determine how to improve the concept and product • Determine if marketing mix strategy will achieve desired results • Maximise profitability by identifying the optimal price point • Identify the differences between groups of customers • Identify customers who will respond in similar ways to specific marketing mix • Determine how lucrative different segments are. This product will appeal to: • CEO’s, Marketing & Brand Executives and Researchers that want to maximise their R&D ROI. • Marketers looking to identify new segments or wanting to segment their market so as to refine the marketing mix. Contact Sarina de Beer on Tel: +27 12 428 7400 or Email: [email protected]