Market Research in Launching a New Production Line - Essay Example

Thus market research for launching a new skincare product would first be understood by the proposition of clearly identifying the particular segments which will be hit upon (market segmentation) and then target the message in a way (market targeting) that the positioning and focus of the product do not mingle with the already present products within the market (market positioning).

For this, it is significant to note that market research will touch upon areas like the exact age groups which would be catered to whilst understanding the product, the social class that it will take care of, the economic conditions which must be comprehended beforehand whilst discussing the determinants of the market research module and more than anything else what kind of people would be the end customers for the said product (qualitative research will be applicable here) (Baines, 2002).

If there are any misunderstandings within the relevant target domains that the skin care products are just for women and men have got no relation with them; the same will be removed by this product, i.e., if it is the first mover within the market. The first mover would surely have his advantage nonetheless but then again its job will be cut out and there would be hard figures to achieve in a certain amount of time. Thus the skin care product would take care of a market that will be segmented in terms of age groups, economic factions, social class regimes, geographic locations and so on.

The importance of this new skincare product towards the organization is immense because this will be the driver for the organization in the first place. The company’s financial and fiscal revenues would be dedicated solely to the skincare product in its entirety and all-out efforts would be made to ensure that there is no element which is missing here. In the end, it is of paramount significance to comprehend the fact that the skincare product would fail to meet its objectives if the organization does not come out as a helping agent for the product to survive and make a name for itself within the related market realms.