What is Product Development?
Product development may involve the modification of an existing product or the formulation of an entirely new product that satisfies a newly defined customer or market niche.
According to a study by the Product Development and Management Association (PDMA), up to 49% of new products fail. There are many reasons that can cause a new product to fail, but one of the most prominent reasons, according to BizJournals, tends to be the lack of rigorous planning and execution. Thorough product development research can help to alleviate the risk of failure.
At Which Stage is Product Development Research Needed?
Product development research determines the difference between product success and failure and can be used at all stages of the product life cycle.
- Pre birth – Research pre-birth will help establish whether there is a need for the product and will provide an insight into the market that has the need.
- Youth – At youth stage, the product development research will stimulate product take up and guide your marketing strategy by providing you with an understanding of your current position and how you can get to where you want to be.
- Maturity – At this stage, you can utilise product development to determine optimal price points, market size and share.
- Old age – The insights gained at old age can help to extend the lifecycle of your product with new additions and modifications.
Product Development Research at Rooster Marketing
Whether you’re at pre-birth or maturity stage, we can help ensure your product isn’t one of the many products which fail. Our product development research will help your business better understand its products, measure satisfaction and usage and discover ways to improve the product experience.