New product development suite by Investzoom

Despite of the economic downturn, there is never bad time for any manager to envisage ways of delivering better value to their clients. The time of recession might be even better for this.

For Investzoom Market Research new product development programmes always has been and is the cutting edge of its marketing intelligence activity. Please find below the core area of our expertise by the following research programmes’ components:

Segmentation of the product development process

The development process of any new product on any new market is rather time consuming, and we are talking about real impact to the market, not the one time commodity trade.

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The research for new product category

As the common fact is, any issue regarding branding, brand equity, brand essence etc. is strictly connected with existing category of product. You cannot examine brand connotations or drivers for brand selection if this category of products/services does not simply exists.

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New market positioning research

Market positioning research programme consist off some branding, awareness and segmentation components. This might be an integral part of New Product Development programme, however, this approach may be also used for any other concepts.

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New product development research cycle

In light of this the initial assessment and workshop is crucial, in order to understand precisely the recent product development cycle. Only in such a case the creativity of our locally based research team might be useful for study designing and implementing.

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NPD Research Cycle in Market Research

Any successful development of new product or service should be the cutting edge for any expanding organisation. Success in this field enable not only build some revenues, but also it could be added to brand equity for the company. Very often misuse of some specific methodology affect inefficiency in new product development if research of any foreign market is concerned.

Please find below New Product Development research cycle:

First Stage: initial concept generation, idea brainstorming and conceptual workshops:

Goals:

  1. Identification of target segment;
  2. Generation of first rough concepts;
  3. Searching for gaps, benefits, niches including their potential threats and limitations; (sooner – better if you start consider that something may go wrong)

Research tools for this exercise:

  • Using past studies or recent assessment focusing on customer satisfaction ;
  • Generations of business ideas;
  • Deepen the subject by providing qualitative research by utilising:
  • Projective techniques;
  • Motivational exercises;
  • Ethnography;
  • Market segmentation research;

Second stage: The evaluation of the concept

  1. How the concept may appeal to the targeted audience;
  2. How the strengths of the concept may be accented;
  3. Perceived value vs. expectations;

Research tools for this exercise:

  • Concept screening tests in target;
  • Pricing and value research;

Third Stage: refinement of possible spin-off from the concept:

Requirements:

  • capturing fresh spin-off ideas

Tools:

  • spin-off idea generation concept testing;

Fourth Stage: Quantitative concept testing

Requirements:

  • To strength the concept measurements;
  • To set up potential price points;
  • To provide market sizing and estimations for demands;

Tools:

  • Concept testing;
  • Quantitative attitude and preference survey

Five Stage:

The development of a prototype (with consultation of a research process):

  • Design according choosing concepts;
  • Refining live product;

Tools:

  • Usually testing in lab from technical point of view;

Sixth Stage:

Prelaunch and live market test:

  • Beta test with b2b customers;
  • Confined home use test for consumers products distribution test;

So, if you like our approach and would like having the new product research programme provided in such a complex manner, than please do not hesitate and contact us.