Purpose and background

Product development is the entire method of planning, creating, and selling new product or existing product with new options.

Scope and responsibilities-

The goal of new product development is to deliver value to existing customers, new customers and to do ideally both. Hence, it is crucial to study past as well as current consumer experience and feedback regarding any service or product. Moreover, it is also imperative to analyse financial insights related to a particular service or product in order to maintain a balance between consumer satisfaction and companies’ profit while developing a product/service.

Procedure and Methodologies-

1. Desk research– Secondary data is collected from pre-existing reports or statistics in order to produce valuable pictures. This doesn’t need any fieldwork.
2. Focus groups– A research technique used to collect data through group interaction on a specific topic. People with relevant experience/knowledge/skills are selected to provide in-depth insights.
3. Depth interviewing– Detailed interviewing of consumer/respondent which further enables validation of research as respondent’s own perspective is incorporated into the research agenda.
4. Observation– One of the oldest techniques in market research; observation is nothing, but mystery shopping done with the help of modern, electronic devices.
5. Questionnaire design– Structured questionnaire is designed by targeting client’s needs which in turn helps to extract specific information from respondents.
6. Face to face interviewing– Interviewing the respondents face to face enables them to give more time to consider their answers. Such interviews give greater understanding of answers by studying the respondent’s eye contact and body language.
7. Telephone interviewing– This technique is used for uncomplicated, structured interviews. It is cost-effective and can target a wide range of respondents spread geographically.
8. Self-completion questionnaires– Physical questionnaire designed to obtain answers from respondents. They are an ideal, simplified tool for solo researchers as there is no requirement for a field force of interviewers.
9. E-surveys– A powerful qualitative tool to collate information from relevant, focused groups of respondents or alternatively from anonymous, but genuine respondents.
10. Financial insights and budgeting– along with consumer feedback, it is important to take into account previous financial insights of the competitor companies as well as our own company and to do budgeting as per our companies finances to make a money making model.

11.Data analysis– Qualitative and quantitative data analysis is done by researchers and by using certain software in order to derive an accurate outcome. This data is then studied thoroughly to improvise present product or service  or to prepare the launching of a new product or service.