Market research in product development

Date of publication: March 1, 1975

Author: J. Vanamali

Abstract:

The cost of developing new products is enormous, and the number of new products developed is decreasing year by year. Thus it is imperative, that maximum benefits are derived from the new products and minimise the risk of failure in some countries. This naturally requires collecting as much data as possible and, where marketing research facilities are available, at subsidiary level, they should be involved at the early stages of the new product development. This, of course, minimises the risk of being a failure, when the product is released for marketing.

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