Marketing Research for NPD

1
Marketing Research for NPD
A Market Research in the right direction and with
the help of experienced Market Research
Consultants can help reduce the chances of
failure and pave a winning path for a new product
launch or an old product re-launch.
2
In Product Development, Market Research (mix of
both qualitative quantitative) comes in as a
very handy tool to assess market potential and
ensure a deep-rooted product / concept, by
helping with accurate need analysis.
New Product Development is critical to ones
business due to the reducing product life cycle
and to prove your progressiveness and
responsiveness to the customer demands and ever
changing markets. This helps attract customer
attention and publicity.
3
Concept Development to Product Launch
Market Research can be a part of the Product
development at various stages from Egg
implantation into the mothers womb to the final
Delivery of the baby.
Time is Money - Timely market research with high
budgets can sometime prove much productive than a
long-term but well-budgeted qualitative market
research, because of an early launch and the
first mover advantage. Customer is the King-
Retaining the existing market share and the users
is very important and critical to an
organisations health and wellbeing. Research
helps in listening to consumer demands, invest in
product development, innovation and improvement
and thus, make the customer feel important by
being heard which in turn rewards you with
customer loyalty and an increased customer base.
4
Elimination of Ideas with no potential Returns
Market Research can help reduce the risks of
potential hefty investments in future at a very
nascent stage, by identifying the market and
bouncing it off the identified target audience
and focus groups. Thus, it can be a very strong
reason to choose the right Market research
organisation todayto avoid wrong turns and
unseen accidents. Market Research Analyst is at
the core of market research and has to use
self-analysis, expertise and judgement in
addition to other qualitative research tools
available for planning a successful launch of a
New Product. These analysts act as moderators of
an idea, rather than be a part of it at every
step. They help testify, verify and put your
beliefs on the right track.
5
Need meets Demand and Product meets the Needs
Products and concepts of innovative nature are
difficult to be researched, owing to their
intangibility. An experienced Researcher can help
with this by bridging the gap between the new
product development opportunities and the unmet
needs of the buyer or the potential users by
educating the Target audience and planting the
seed for it. Market research may be regarded as
an experiment that can be unsuccessful if not
conducted under the right and suitable
conditions. Bottom-up approach of Needs
Assessment and Concept Screening is more
successful that the top-down approach of trying
to fit and create acceptance of a new product or
concept into the current market.
Penetrating New Markets Qualitative Market
Research helps find new markets for some old
products or helps develop strategies for brand
re-positioning or, rejuvenates the product life
cycle by helping study the underlying needs of
consumers.
6
Thank you