A broad array of new-product research methods exist. These may be combined, as required; or conducted as standalone projects to enhance the product development process:
- Market structure: Market reports are available for hundreds of products and countries, that provide total market sizes and forecasts. More detailed data can also be collected in surveys; such as brand penetrations, purchase frequencies and market shares.
- Concept testing & sales potential: Express Test concept testing surveys save money and time. “Go”/”No go” launch decisions are reached by exposing the concept to consumers in a representative survey and evaluating results against norms. Volumetric concept testing can be used for sales forecasting. As long as you describe your concept in words and/or images, it can be concept tested. SA’s first truly affordable system, priced within reach of SME’s and Entrepreneurs.
- Virtual shelf/packaging tests. Assess products in a competitive context. Will design A or B have a greater impact on share. Do they have equal recognition at a distance, and at close range are they equally appealing? If you use a cheaper form of packaging will you loose share? What aspects do consumers not like? Will consumers in another country still approve of your packaging?
- Conjoint analysis hybrids and discrete choice models. Improve sales for existing products and evaluate new product configurations and pricing in terms of the impact on market share. Quantify feature and price importance, determine feature/price trade-offs. Determine price-demand elasticity and whether price increases increase overall revenue or result in long term losses.
- Awareness, usage and attitude studies provide intelligence for products already on the market.
- Problem identification studies are useful in improving existing products or generating new product concepts.