Product Development

Product Development Research addressed companies and organizations intending to launch new products / brands on the market.

 

The opportunity for a new product or brand may arise from intuition or research. In case of research, the opportunity comes from Market Segmentation & Mapping (U&A) Strategic Research, which considers need state segmentation analysis.

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In both situations, the following (New) Product Development research cycle should be employed to minimize risks and costs and increase success on the market:

 

Concept Testing
Before designing the product and proceed with investments we should evaluate consumer response to a product idea or concept or to generate communication designed to alter consumer attitudes toward existing products. The evaluated concepts will be attached certain rational or functional benefits along with a series of emotional ones. Along with the measures of rational and emotional benefits, we perform a potential analysis and determine the best way of implementing the new concept / idea and the target with the highest consumption potential.
 

Product Test
Once the new product is designed, it should be properly tested by consumers in order to evaluate if the outcome coincides with their preferences and expectations. The results can be used to improve the product by fine tuning its characteristics according to consumer reactions. The product is tested  both branded and blind (no brand indicator attached to it) in parallel with the main competitor in the category in order to better isolate its functional or emotional characteristics from the brand umbrella (brand equity).
 

Test Market Simulation
The best way of finding out about the potential of a new product on the market is to simulate as much as possible a real market scenario. The test market ideally aims to duplicate “everything” – promotion and distribution as well as “product” – on a smaller scale. The technique replicates, typically in one area, what is planned to occur in a wider scale launch.