New products are the life blood of all companies. However new product development is an area with significant inherent risk, as the consumer appeal for new formulations, features, and facets is often unknown or at least less understood.
A core function of market research is to help marketers make better business decisions by minimizing risks due to uncertainty. In many markets most of the new product activity is innovation and leverage of existing brands rather than brand new ideas.
It is not only in the development side that market research can help, timely and actionable information about the dynamics of the launch period can either keep the brand’s introduction on track or help to better re-align and re-direct if things do not go to the original plan.
At ACNielsen, our combination of diagnostic and predictive services augmented and enhanced by the market tracking retail and consumer panels provides a powerful set of tools to help maximize the success of new products, prior, during and after launch.
and services for your New Product Development needs:
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