Sample English Essay on The Scientific Method

The Scientific Method

Developing a new product to compete against superior competitors brand is a big challenge to every business. There are several risks involved when developing a new product and, therefore, there are several factors that a business should consider prior to product development. One of the major factors is where the new product will meet customers’ expectations. The business should also consider whether it has enough resources to develop and launch the new product. To minimize the risk, the business should analyze the market using scientific methods to understand the factors that will determine the success of the product in the market. According to Hedges (2009), scientific method refers to the techniques of acquiring new knowledge or investigating phenomena through empirical or measurable evidence. Scientific methods help the business to understand its strengths and weaknesses in order to maximize on strengths and minimize the weaknesses. It also helps to understand the needs and expectations of the customers as well as the nature of the market. A scientific method is a useful tool that can be used to make a decision relating to whether the firm should develop the new product or not.

When developing the new product, the business belief that the product will be superior to the competitors brand, and it will succeed in the market. It is expected that the product will gain significant market share in the first few months in the market. The business also expects the product will receive a continuous growth in sales for a long period hence brings huge profit to the business.  The customers are also expected to become loyal to the product hence attracting more sales. Being superior to competitor’s brand, the new product has high chances of succeeding in the market. When developing the product, the business will ensure that the product has added value than competitor’s brands hence meeting customers’ expectations (Barczak, & Kahn, 2012).

To ensure that the new product succeeds in the market, the business will follow six steps of new product development. According to Cassia, De Massis, and Pizzurno (2012), the first step of new product development involves idea generation. To generate the idea, the business will conduct market analysis using SWOT analysis as well as PESTEL analysis. Ideas will also be generated from the target population, competitors, suppliers, and employees. The second step involves idea screening to identify most viable ideas to be implemented. The third step involves product development and testing. In concept development, the business will incorporate products features that will be appealing to the customers and also satisfy their needs. The concept will then be tested using a number of prospective customers. The fourth step in new product development is business analysis. It involves understanding the nature of the market, in terms of competition, selling price and estimated the profitability of the new product. The fifth step is prototyping and market testing. This involves developing the samples of the product and testing it with few customers to collect their feedbacks. From the feedbacks given, necessary adjustments are made prior to introducing the products in the market. The last step is launching and commercialization of the product. It involves introducing the new product in the market and conducting promotions to create customer awareness (Cassia, De Massis, & Pizzurno, 2012).

To test the hypothesis that the new product is the superior brand in the market, and it will succeed; the business will conduct market a market survey to analyze the performance of the product in the market.  In the market survey, the business will conduct data relating to sales volume, competitor’s pricing, and profitability. Sales volume data will help the business to determine the number of units of the new products that are sold in a given period. The sales volume can be compared to the competitor’s sales volume in the given time to determine whether the product is the superior brand in the market. Pricing data will help to compare the price of the product with the price of related goods in the market. The data is useful for determining whether it is attractive to the customers compared to competitor’s pricing. Profitability data will help the business to determine whether the new product is making the expected profit. To consider the new product success, it is expected that the product has high sales volume that competitors brands. It is also expected that the new product will be profitable in the long-term. The business also expects that the product will sell at a relatively higher price than competitors brand and still attract many customers. The success will also be determined by the market share and market growth of the new product (Barczak, & Kahn, 2012).

The method used to test the success of the product in the market is effective since it will help in making a decision on whether to continue or stop with developing the new product. The method will help the business to understand the nature of the market and consumers need that are not met by the competitors. Necessary improvements will be made to make the product more appealing to the consumers and satisfy their needs (Cassia, De Massis, & Pizzurno, 2012).

References

Barczak, G., & Kahn, K. B. (2012). Identifying new product development best practice. Business Horizons, 55(3), 293-305.

Cassia, L., De Massis, A., & Pizzurno, E. (2012). Strategic innovation and new product development in family firms: An empirically grounded theoretical framework. International Journal of Entrepreneurial Behavior & Research, 18(2), 198-232.

Hedges, H. C. L. V. (2009). Research synthesis as a scientific process. The handbook of research synthesis and meta-analysis, 1.