EFFECT OF MARKETING RESEARCH ON PRODUCT DEVELOPMENT
chapter One
1.0 Introduction
1.1 Research background
Today’s world consists of major changes in market and economic conditions coupled with rapid technological progress. To ensure future success in the market, companies invest in market research for new product development (NPD). Most market research for new product development either succeeds or fails. Responding to changing tastes with new products is essential to maintaining customer loyalty, so his excellent NPD will be a key factor in staying competitive. New product development can be successful if a company changes the way it conducts market research.
(Hollingsworth 2006 and Jeffery 2008) recommend that NPD strategies and processes need to change as markets and technologies change. It is widely recognized that an effective new product development (NPD) process is critical to long-term organizational success (Cooper, 2003; Ulrich and Eppinger, 2005; Wheelwright and Clark, 2005). They either lead to core competencies that differentiate a company from its competitors (Prahalad and Hamel, 2000) or provide the threshold competencies needed to compete in a rapidly changing and innovative industry sector. Given the importance and value of NPD to business performance, researchers have developed descriptions based on linear, recursive, and chaotic systems perspectives that provide various insights and descriptive theories about the structure and behavior of NPD processes. I developed a framework.
These often form the basis of normative studies aimed at predicting and defining causality in NPD processes (Griffin, 2007). The difficulty of conducting effective market research on NPDs is exacerbated in many large industrial countries where spending on NPD R&D and management can be even more disadvantageous. However, while some research on NPD is beginning to take place in developing countries, the success factors of NPD have received a lot of research attention, usually provided by the more advanced technology industry.
Developing countries are very competitive in some low-tech industries, but need to conduct market research on NPD to keep up with market trends. Will management invest in particular stages of new product development (NPD) programs given the market and technology uncertainties associated with such decisions in current markets, particularly technology-driven or high-tech markets? We are often faced with a dilemma of what to do. (Moriarty and Kosnik, 2009).
Changes in economic conditions and technology coupled with increased domestic and global competition, changing customer needs, rapid product obsolescence, and the emergence of new markets. A fast resource allocation process in NPD is required. (Bower and Hout 2008, Griffin 2003, Gupta and Wilemon 2000, Rosenau 2008). At the same time, market and technology uncertainties require flexibility in the program. See (Sanchez 2005, Wind and Mahajan). In order to remain competitive, it will need to focus more on value-added products in the future, which will require increased investment in market research. Modern retail and changing consumer preferences have increased the demand for products with better quality, longer shelf life and better packaging.
Foreign brands that were once imported for high-income minorities are now made locally and affordable for the average person. NPD is perhaps the most important process for many companies, as it improves and develops their innovation capabilities. Essentially, NPD is a source for attracting customers when the products developed are of high quality. In the business world, New Product Development (NPD) is the complete process of bringing a new product to market. A product is a set of benefits offered in exchange, which can be tangible (that is, something physical that you can touch) or intangible (services, experiences, beliefs, etc.). The NPD process has two parallel paths.
1.2 Problem Description
Market research is an important aspect of new product development. This is the first step in determining the success of your product. It serves as the foundation and cornerstone of any product. Unfortunately, the impact of market research is the aspect that receives the least attention. Companies not only need to rely on their promotional strategies, but they also need to fine-tune their market research programs to improve the quality of their products. The problem may be marketing negligence in some companies as marketing may bring little or no income to the company. Finally, although some studies have been done on the impact of market research on new product development, he has not done a single study on the impact of market research on product development. A case study by his Demas Food Limited Eket in Akwaibom province.
1.3 Purpose and objectives of the research
The main purpose of this study is to examine the impact of market research on product development. Other specific objectives of this study are:
1. To determine how market research influenced product development at his Eket’s Demas Food Limited.
2. Demas Food Limited, determination of factors affecting market research in Eket. 3. Determining the impact of market research on product development at Eket’s Demas Food Limited.
4. Consider situations in which market research is likely to be used during the product development stage.
Five. Determine the importance of market research in new product development at Demas Food Limited, Eket.
6. Offer a possible solution to the problem.
1.4 Research question
1. To what extent has the market research influenced the product development of Demas Food Limited, Eket? 2. What factors influence Demas Food Limited, Eket’s market research?
3. What impact does market research have on product development?
Four. In what situations is market research likely to be used during the product development stage?
5. How important is market research in new product development for Eket’s Demas Food Limited?
6. What are the possible solutions to the problem?
1.5 Description of research hypothesis
H0:
Market research does not have a significant impact on product development.
H1:
Market research has a huge impact on product development.
1.6 Importance of research
Research on the impact of marketing on research on product development will be of immeasurable benefit to Demas Food Limited, Eket as a whole, as it will enlighten them in the areas of customer satisfaction and integration into the organization to achieve a singular purpose. prize. Therefore, to make this possible, marketers must conduct intensive research to learn about changing customer needs and competitor activity. Also, the need to reconsider other tools available
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