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MARND story

MARND Studio story explores the studio “practicality” niche and how it came to be. The story was unearthed during an interview with the studio director Mohamed P.Hassan, hosted by Erik ten Have. It covers interesting details about the Studio Team and their unique work. The podcast was produced by Asia Tech Podcast, a Singaporean based media company focused on telling the story of why Asia Matters.

This interview gives insight into MARND studio process and how its global team works together across borders. It also goes into detail on how the studio focuses on providing complete practical solutions beyond aesthetics to help its global clients.

Why research before development?

Market research is a key component of every new product development strategy. This is because the goal of every new product development strategy is to launch the right product on the local, national and global markets in the most cost-effective way possible. In a nutshell, marketing research is what makes this process more effective, and we are going to tell you why it is important in a moment.

But before we get to that, let us talk a little more about market research so the concept sinks in.

What is Market Research?

Market research is the process of gathering people from a target demographic in order to garner their thoughts and opinions on a particular topic. For instance, if a company is in the process of developing a product for chefs, they would need to gather some chefs together and ascertain their thoughts and opinions about their product idea. The information they gather from the group of chefs will inform every decision they make as they develop the new product, whether the decision concerns the product design, prototype, packaging and even advertising.

The Importance of Market Research

One way of knowing the importance of something is by looking at the benefits it provides. The good thing about market research is that it has some very good new product development-specific benefits that can impact the success of a product in a major way. Here are a few of them.

Eliminates Guesswork on Consumer Needs

What do your target consumers think about your product idea? Does it meet their needs? These answers can be answered by conducting market research. If you go around guessing what consumers need, the end result is that you may come up with a product no one has any use for.

Provides a Competitive Edge

If you do not conduct market research, you might launch a product or service only to find that the market is flooded with similar offerings. When you conduct market research, you are able to incorporate ideas into your product design that will distinguish it from others in the market. It can also help you examine similar products and services in your target market that are not doing well or have failed in order to avoid mistakes that have the potential to doom your offering to a similar fate.

Helps Determine Price

How much are consumers willing to pay for a product like yours? Again, guesswork can only land you in trouble here. People always have price expectations, and marketing research helps determine what those are.

Provides Feedback During Prototyping

Showing a prototype to your target consumers and getting feedback is a great way to avoid costly mistakes. Your product might have an issue that might seem small to you but huge in the eyes of your consumers. Also, not only can customers point out mistakes in the prototype, they can also point out opportunities that you can seize to make the product better and gain a competitive advantage.

So whether you are trying to develop a new product or service, market research plays a pivotal role in ensuring its success on local, national and global markets. Since your main goal is to deliver value to the customers in your target demographic, market research can offer insights into their thoughts and opinions, making it an invaluable process that should not be overlooked or underestimated.

Tips to Analyse Competition

When it comes to new product development, researching the competition is a great way to get ahead and stay ahead in the local, national and global markets. On top of that, conducting a competitive analysis is also a good strategy for scaling your business without having to fear the competition. This is why doing it right is crucial to the growth of your business. Here are five tips that can you help when performing a competitive analysis.

Know Who Your Competitors Are

Every company has competition – businesses who sell the same products or services as them and take their potential customers – whether on local, national or international markets. That is why it is a good idea to come up with a list of competitors so you know who you are dealing with. Sometimes there may be a hundred companies that you need to deal with, but a much practical approach would be to list down your top ten competitors and focus on them instead.

Become Their Customer

When you become your competitor’s customer, you can gain insights into your own business or the product you are developing depending on the good and bad things you learn from them. This goes beyond merely just buying from them, but actually interacting with them to see what type of service they provide to customers. Since you are researching your competition, do not be afraid to bombard them with questions and take note of important insights.

Look Them Up on the Internet

This is where your investigative skills come in handy. This means going on the internet and looking at their website and social media pages, as well as seeing what people are saying about them on business review websites. The internet is also full of useful tools, such as Google Alerts, that enable you to keep tabs on your competitors.

Attend One of Their Conferences

When your competitor is hosting a conference or trade show, attending it is a great way to see what they are offering and get a glimpse of their overall strategy for the market. At these events, your competition will be boasting about their greatest products and services, giving you an opportunity to gather some first-hand knowledge you can use to your advantage.

Be On the Lookout for New Players

When you are in or planning to enter an emerging market, there is a high chance that new players can come in and steal your potential or current customers. So always be on the lookout for new businesses. Also, do not just restrict your definition of new players to startups only because even old companies that were previously selling their products and services in other markets can shift gears and enter yours, becoming the new players in this scenario.

Conducting a competitive analysis is a great way to develop a product that outshines the competition or reveal opportunities as they present themselves on the local, national and global markets. Any business that wants to get ahead, stay ahead and expand should seriously consider scoping out the competition by performing a competitive analysis.