Research Awards 2004: Best New Product Development Research
WINNER Client: Marks & Spencer Money Agency: MORI Market Dynamics COMMENDED Client: Barclays Agency: TNS Financial & Professional Services
When Marks & Spencer set up a financial services division, it found it was not the only new entrant to the market.
In this fiercely competitive environment, the company wanted to develop a new product line - a Marks & Spencer Mini Cash ISA.
Before designing the product and estimating income streams over the next five years, Marks & Spencer worked with MORI Market Dynamics to project the most successful approach for the launch of the offering.
The challenges of delivering a completed research programme within five weeks over the August holiday period, while restricted to a tight budget of pounds 50,000, were substantial. However, the research identified the most appropriate channels through which to market the product, and the most effective way of communicating with potential investors by constructing a market simulation model.
The model, which made overall market forecasts and simulated the competitive environment and growth constraints, enabled M&S to secure the investment for the launch of the Mini Cash ISA in February 2004 as well as generating revenue forecasts for the next five years. …