Reference no: EM133530134

Based on Following topics, write a problem definition and approach process about Nokia.

1. New product research

The development of a new product is a huge investment of time and money, so market research can help counter any potential problems and make the new venture a success. The specific role that is played by market research is finding out unmet needs and testing what people think of new products or other ways of reaching customers and new pack designs.

The key issues that need to be identified in new product development research are:

Forecasting the usage of products.
The likely customer acceptance or rejection of new or updated products.
The likely threats and barriers that will limit the success of the products.
Competitor products in terms of features, price, market share and distribution.
Optimal price of new products.
The benefits that customers could derive from promotional messages and features of the product.
Consumer reaction to packaging concepts.

2. Customer Satisfaction

Market research helps to grow customer satisfaction and loyalty as customers are at the core of every business, so it's vital in having an understanding of your customers. The findings from customer satisfaction surveys can be applied to divide the market and find groups of customers with needs and behaviours that are aligned with those products or services.

The main measures of customer satisfaction tend to be:

The overall customer satisfaction score.
The level of satisfaction at different points of the customer journey related to the products or services.
Measuring the level of likelihood to recommend to others (NPS).
Measuring the ease of doing business, which is most common for business to business research.