Importance of Market Research in Product Development: A Case Study of Apple

Running head: MANAGEMENT
Management
Name of the Student:
Name of the University:
Author note:

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MANAGEMENTField of research
This report is aimed at discussing the importance of market research for product
development. The subject of the research study relates to business management. As a business
manager, it is important for me to figure out the market trends as well as demands of the target
customers in a precise manner so as to meet those needs and wants of the customers and capture
a substantial market share. Thus, understanding the market trends and demands is also helpful in
the decision making process regarding the product development in a business. Through this
research proposal, the importance of market research in the product development process of
Apple and how that helps the company to gain advantage will be discussed.
Research aim and objectives
The aim of this research paper is to examine the role that the market research plays in the
product development process of Apple and to evaluate how the market research process helps
apple to gain competitive advantage in the market.
The research objectives are:
 To explore the market research strategies adopted by Apple to improve their product
development process
 To evaluate the importance and role of market research in gaining competitive advantage
in the market for Apple
Research questions
The research questions that will be addressed in the research project are:
1) How exactly Apple’s product development is aided by its market research?

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MANAGEMENT2) How that process gives the company a competitive advantage?
Key terms
The key terms, which are intended to be used in Google Scholar, for the purpose of
conducting the research and exploring the journal articles, are as follows: Apple, market
research, competitive advantage, Product development, Apple story, Apple Samsung, Steve Jobs,
Tim Cook, and Apple research.
Literature review
Importance of market research in product development
Market research is a very important concept in business. It plays a major role in business
as well product and service development and serving the customers in a better way. As stated by
Sarstedt & Mooi (2014), market research is an activity of collecting information about the target
customers needs and wants and tastes and preferences regarding any particular product or service
with the aim of product or service development as well as development of the business.
McQuarrie (2015) highlighted in his book on marketing research that it is a very helpful tool for
the decision makers in the business, however, the author also mentioned that the businesses must
have a clear idea about what objectives to be set by reviewing its own resources and capabilities
and then decide on the specific research aims and objectives to be pursued.
Burns, Bush & Sinha (2014) emphasized on the importance of market research findings.
The authors stated that the market research findings are not only used for product or service
development, but also for management decision making, such as, needs assessment,
identification of target market, estimation of demand, product design, selection of distribution