Market Research and New Product Development
Discovering what clients and potential customers want and need in any specific market segment is essential for successful product development. Market research sets out to achieve these goals by collecting and analysing data, thus helping institutions better understand and serve potential and existing markets.
Research may be both quantitative and qualitative—investigating either the supply or demand side of a particular market. While the empirical data central to quantitative research provide a useful basic understanding of market characteristics, it is often the narrative aspects of qualitative research that provide deeper insights into client behavior and add important perspective and detail to the overall picture.
The more an institution knows its clients and understands its market, the better it will be in producing products and services to meet demand. Market research and product development are crucial investments that can be managed in-house if expertise and capacity are available, or in coordination with consulting companies that specialize in these areas.
Marketing personnel, new product Development managers, Field researchers, corporate planners, R&D directors and managers, project managers and directors, and specialists in new product design, product managers, marketing vice presidents, directors and managers.
- Understand the eight critical keys to success
- Define objectives and strategies for your new product development program
- Analyze from a financial perspective
- Bring innovation to market quickly using new product development insights
- Effectively handle product testing and launch issues
- Use market research to identify profitable new markets
- Successfully manage your team