The key to successful market research for new product development comes from an understanding of what customers do and don't value, not simply from asking them to submit their own solutions.

New product development research is not always about looking at the product in isolation; the product, the packaging, the advertising and the pricing strategy are all integral parts of the research.

Any new product launch is inherently risky as it is a venture into the unknown. B2B International has shown that thorough, well planned research can accurately pinpoint the richest areas of opportunity and therefore prioritise the most promising areas of new product development. Exploratory research is usually qualitative, and involves identifying and interpreting the habits, challenges, frustrations and desires of consumers. Qualitative techniques are particularly useful as we delve deeply into how consumers’ latent or unmet needs can be satisfied. Product development research can then be used to turn ideas into prototypes.

Once a prototype or first-phase sample has been developed, it is critical to return to the market and seek its reactions in order to refine and improve the offering. This stage may be repeated a number of times and may include some quantitative research.

As product release approaches, a combination of qualitative and quantitative research allows us to perfect the offering as well as devise a product release strategy.

For new product development market research, the question becomes one of matching the stage of new product development with the right creative or product market research method. We use the Marketing Intelligence Platform to guide the use of the three forms of Intelligence --Ideas, Data, & Drivers -- to the product development process. We provide consulting and specific new product research market research capabillities at each new product development stage.

Market segmentation is the process by which a market is divided into distinct groups that have specific needs, wants, and behaviors or who display interest in particular products or services. Each segment of the market is referred to as a demographic. Whether product benefits and price structures are realistic or hypothetic, the tools we use at FieldGlobal Market Research Pvt Ltd are proven indicators of an effective and actionable pricing strategy, which will differentiate your company from the competition.

________________________________________________________________________________________