How Marketing Supports New Product Development

This new product and service is being developed in a fast-moving world filled with increased consumer choice. It is essential that you thoroughly know the market and its consumers before attempting to take any new product and service to market. Gathering, analyzing, and understanding data on consumers’ behaviors, needs, attitudes, and opinions minimizes the risks involved in making marketing and development decisions. These views also provide information or insights that will ultimately result in the development of a new product and service suitable for a global market.

Ultimately, you want to develop a product and service that is an expression of your target market’s wishes and desires for this is the starting point will enable your brand to fit meaningfully into users’ lives.

Market Research Informs Product Development