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Market Research and Product Development

In: Business and Management

Submitted By kevino2020
Words 3400
Pages 14
Market Research and Product Development
By Kevin Ofor Abugu
PhD Student – Cardiff Metropolitan University

Introduction
Organisations invest in new product development to ensure their future success in the market. Nevertheless most of the new products introduce into the market are more likely to fail than succeed (Viaene, 1999). Hoban (2002) posits that only one-third of the new products launched survive. Young (Ibid) states that the rate of new product failure is as high as 90 to 95 percent. The failures of the new products in mobile industry, automobile industry, beverage industry, etc. are few examples. Hence a thorough market research should be employed to precede new product development (Cooper & Klienschmidts, 2000). This elucidates the importance of market research in new product development (NPD).
Companies must continuously acquire market information to be able to adapt a new product into the market (Cooper & Klienschmidts, Ibid). Such effort is expected to bring the customers’ need, wants and perception into the new product development process. For example, Cisco introduced a system through which her B2B customers share their ideas, design and order products online. Similarly, IBM introduced a forum through which her customers exchange information concerning the development of a new product.
The information gathered through the various means is transmitted to the R&D through the communication with marketing. Marketing research acquires customer information at many different stages of new product development process (Cooper, Ibid). For example, medical equipment manufacturers at various stages of new product development acquire enough information from the customers to ensure the survival of the new product (Ottum and Moore, 2006). However, failed products use less information from the customers. Tomes, et al. (2000) compared two chemical...

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