The role of marketing research in new product development

Marketing research has a vital role to play in ensuring that new products launched onto the market are successful ventures, rather than dismal failures. The main input that marketing research makes into the new product development process is in the areas of:

♦ idea generation;

♦ evaluating and developing new product concepts;

♦ evaluating and developing new products;

♦ pricing new products.

a These inputs are similar in the development of fashion.

i Since the late 1970s, there has been an increase in the number of

3 stores developing their own product lines. Specialists called product r developers create products and test them on customers. There may t be numerous reasons why a product is developed or modified to be

Jg' sold in a particular market; new government legislation, changes in culture, the economy or even the climate may be responsible.

The creation of a marketing strategy for the development of a fashion product involves four stages. Each of the stages (discussed below) involves marketing research with the ultimate aim of testing a product for feasibility prior to its production, and to produce a plan for its production and marketing.

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