New Product Development
March 10, 2016 Comments Closed

New Product Development

New product development research is part of the process of taking an idea and turning it into a reality – a product or service which can be offered on the open market. This process allows a company to study a category, identify what consumers really want, evaluate opportunities for new products or services, and build a business case to pursue those opportunities.

Using various discovery methods such as focus groups and surveys, ideas are screened and polished (and re-polished) until concepts are both technically feasible for production, and messages are refined to please advertising departments. The idea is to avoid missteps as the new product launches and makes its first impression on the shopper.

  • Qualitative methodologies help researchers understand the consumer experience, including vocabulary, product attributes, frustrations, and brand perceptions surrounding a category or a need-state.
  • Quantitative research can help quantify the size of an opportunity, the barriers to success, and identify need gaps within a competitive set of brands within a category.
  • Quantitative concept tests can help separate good ideas from costly mistakes.

With due diligence, the result is a quality product that’s appealing to the customer, features a strategic price-point, and boasts a tactical brand message.

Our Solutions Experts and Research Project Managers have experience in creating and executing research plans that help you make better decisions and support your business case to investors.

Doing some customized-to-your-business homework for your latest inspiration is smart business. Call one of our Solutions Experts today for a quick chat to see how we can help you with your next Big Idea.

 

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