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It defines essential concepts such as market research, marketing strategy, demographics, and target marketing. The text outlines the systematic process companies employ to develop new products, including idea generation, screening, business plan formulation, and test-marketing. By analyzing population data and consumer needs, businesses aim to create products that successfully meet market demands while outperforming competitors. The content also includes a glossary of key terms and academic vocabulary designed for educational review and student assessment. This resource serves as a foundational guide for understanding how businesses utilize data-driven insights to effectively reach their target segments and ensure customer acceptance of new market offerings, emphasizing the strategic importance of aligning product features with specific consumer traits and behaviors.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/marketing-in-todays-world-chapter-13-section-2-market-research-and-product-development/409705/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/marketing-in-todays-world-chapter-13-section-2-market-research-and-product-development/409705.png","ImageObject",300,407,{"name":92,"@type":93},"aboduw","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-09","2026-09-28",true,{"@type":102,"interactionType":103,"userInteractionCount":29},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What is the primary purpose of market research?","Question",{"text":112,"@type":113},"Market research is the gathering and analysis of information regarding the size, location, and makeup of a product market to help companies make informed business decisions.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the marketing concept benefit a company?",{"text":117,"@type":113},"The marketing concept helps a company determine the wants and needs of its customers and satisfy those needs more efficiently and effectively than its competitors.",{"name":119,"@type":110,"acceptedAnswer":120},"What are the standard steps in the product development process?",{"text":121,"@type":113},"The process involves generating ideas, screening them, developing a business plan, creating the product, performing test-marketing, introducing the new product, and evaluating customer acceptance.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},409705,1792210478,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":8,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":81,"preview_page_count":4},3985747862266,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","Copyright © by The McGraw-Hill Companies, Inc . All rights reserved .  \nChapter 13 Marketing in Today´s World  \nSection 13.2 Market Research and Product Development Section Summary with Key Terms and Academic Vocabulary  \nMarket Research and Product Development Market research is the gathering and analysis of information on the size, location, and makeup of a product market. It helps companies make decisions based on demographics, which include age, gender, location, and income. Marketers use surveys, sales figures for current products, databases, and the census to gather this information. Companies generate ideas, screen the ideas, and develop a business plan. They also create the product, do test-marketing, introduce the new product, and evaluate customer acceptance. Their goal is to come up with a product that people would like to buy.  \nKey Terms    \nmarket research The gathering and analysis of information on the size, location, and makeup of a product market  \nmarketing concept The process of determining the wants and needs of customers and providing them more efficiently and effectively than competitors  \ndemographics Facts about the population  \ntarget marketing Marketing that helps companies focus on the people most likely to buy their goods or services.  \nmarket segmentation The division of a market fora product into groups of customers who have the same needs and traits  \ntest-market Offering a product in a limited market fora limited time  \nAcademic Vocabulary    \nsurvey A detailed critical inspection potential Existing in possibility strategy A careful plan or method crucial Of extreme importance  \nChapter 13  \nChapter 13 Fast File 7","cbCaivrZ9sV2lhrl","https://ap.wps.com/l/cbCaivrZ9sV2lhrl","pdf",204372,"English","# Market Research and Product Development\n## Key Terms\n## Academic Vocabulary","[{\"question\":\"What is the primary purpose of market research?\",\"answer\":\"Market research is the gathering and analysis of information regarding the size, location, and makeup of a product market to help companies make informed business decisions.\"},{\"question\":\"How does the marketing concept benefit a company?\",\"answer\":\"The marketing concept helps a company determine the wants and needs of its customers and satisfy those needs more efficiently and effectively than its competitors.\"},{\"question\":\"What are the standard steps in the product development process?\",\"answer\":\"The process involves generating ideas, screening them, developing a business plan, creating the product, performing test-marketing, introducing the new product, and evaluating customer acceptance.\"}]","Marketing in Today's World - Chapter 13 - Section 2 Market Research and Product Development | PDF",1790582945]