What is MarketSoft trying to achieve with their Market Research?
According to the MarketSoft case study by Lassiter and Gardner published by Harvard Business School, MarketSoft had a number of goals associated with their extensive Market Research program. One of them is to validate there is a need for the marking automation software solution they are intending to bring to market. Another goal of this research is to understand how significant the need is for this product, and based on this information the company should be able to develop more realistic sales forecasts. Also, understanding demand for this type of software solution will help MarketSoft to establish an appropriate price for the software.
According to the case study, the research being conducted by MarketSoft is also intended to help the software designers to create a product that meets the needs of the target market. The competitive research helped them to understand the limitations of competitor products. As a result of this competitive research along with the market research interviews with potential customers, MarketSoft focused on creating a lead management rules engine. MarketSoft's research will also help them sell this software to potential customers because the research proved there was a real business problem associated with properly managing leads so rather than having to first convince the client there is a problem, MarketSoft can focus on selling the solution to that problem.
Market research helped validate the product concept. It confirmed the need for the type of software MarketSoft wants to develop and sell. Equally important, the research helped MarketSoft to identify the must-have key attributes of the software.
Why did MarketSoft use the LP Method?
The case study suggests that there are several reasons that this company used the Language Processing (LP) method to analyze the extensive amoun
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