consumer market research

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HOW CAN MARKET AND CONSUMER RESEARCH FACILITATE
NEW PRODUCT DEVELOPMENT?
An Academic presentation by Dr. Nancy Agnes,
Head, Technical Operations, FoodResearchLab Group
  www.foodresearchlab.com Email
info_at_foodresearchlab.com
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What is Market and Consumer Research?

• Market and consumer research is a collective term
  used for collecting, analysing and interpreting
  information about markets, market trends and
  consumer behaviour.
• While market research aims to gather information
  related to market size, growth potential and
  opportunities, consumer research delves into
  understanding consumer preferences, behaviour and
  attitudes of the target consumers.
• Market and consumer research help businesses make
  informed decisions, gather consumer insights,
  develop innovative products and improve their
  marketing strategies.
• In addition, market and consumer research results
  in improving existing products, developing
  innovative products and consumer satisfaction,
  which is crucial for the success of the business.
  

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BEST IT SECURITY
Evidence on the safety aspects of sugar replacers

• Market and consumer research is crucial for
  companies who want to stay competitive within the
  industry.
• Firstly, market and consumer research helps
  minimise potential risks and prepares industries
  for a successful product launch.
• The business can understand the market and target
  audience, which helps them create innovative
  products and improve the existing product and
  marketing strategies.
• Conducting industry and market research helps
  organisations make decisions based on facts they
  can estimate the chances of a products success.

Cont.
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• Thirdly, market and consumer research helps
  industries gauge the resources they require for
  developing new products.
• Investors may also want to look at market
  research before granting funds they need some
  security that the product will be successful.
• Finally, properly conducted market and consumer
  research clearly shows how the concept will be
  welcomed into the market.

Cont.
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How does Market and Consumer Research help in new
product development?
IDEATION

• Market research helps identify gaps in the market
  and unmet consumer needs.
• Businesses can develop ideas for innovative
  products by analysing consumer preferences and
  pain points.
• In addition, market and consumer research can
  also help identify opportunities for new
  products.

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CONCEPT EVALUATION

• Consumer research allows businesses to evaluate
  product concepts with potential consumers before
  investing huge resources in new product
  development.
• The evaluation and subsequent validation help
  identify which ideas align with the intended
  audience, thereby increasing the chances of
  product success and minimising the risk of
  launching a product with low acceptance.

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VALIDATION IN THE MARKET

• Understanding market demand and identifying
  target consumer groups can aid in the
  prioritisation of product features.

ANALYSIS OF THE COMPETITORS

• Market and consumer research involves analysing
  their competitors through a SWOT analysis,
  wherein the strengths and weaknesses of
  competitors products are analysed.
• This analysis helps businesses to differentiate
  their products and create selling points, which
  are crucial for positioning their product in the
  highly competitive market landscape.

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PRODUCT FEATURES

• Market and consumer research helps gain consumer
  insights, which can guide new product
  development. Understanding consumer preferences
  and features help businesses develop innovative
  products that meet consumer needs.

PRODUCT TESTING

• Testing product with intended consumers helps
  organisations to gain valuable consumer insights,
  identify possible issues and make necessary
  amendments before launching the product.

POST-LAUNCH EVALUATION

• Gaining and monitoring consumer feedback,
  analysing sales data and keeping track of market
  trends can lead to improvements in the product.

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CONCLUSION

• Market and consumer research is a backbone for
  new product development, for it involves gaining
  consumer insights and market trends.
• Market and consumer research help at every stage
  of product development, from generating new ideas
  to evaluating concepts, product features, and
  post-launch evaluations.
• Businesses can minimise risks and increase the
  chances of a products success by thoroughly
  understanding consumer needs and market dynamics.

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HOW THE FOOD RESEARCH LAB CAN HELP
BEST IT SECURITY

• We are a team of food scientists and
  technologists who offer B2B services in
  developing food products, beverages,
  nutraceuticals and cosmeceuticals.
• We assist start-ups, skincare industries and
  nutraceutical companies in formulating innovative
  products or reformulating existing products.
• We also conduct market and consumer research that
  help develop products that align with consumer
  needs and market trends and ensure the formulated
  product is successful.

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Contact Us
UNITED KINGDOM
44- 161 818 4656
INDIA
91 9566299022
EMAIL
info_at_foodresearchlab.com