The Impact Of Marketing Research On New Product Development
[NIGERIA BOTTLING COMPANY]

Do your sums carefully
    Make sure your idea can be designed, manufactured and delivered within your financial, resource and time constraints.
Talk to the people who will buy it
    Take your idea to your target audience to determine what they think and where any gaps might lie. Market researchers can help you run focus groups and surveys to determine how customer’s will respond to your product.
Refine your target market
    Detail your customer targets as accurately as you can. Your focus groups or conversations with your target audience will help you determine whether your targeting the right market segments.
Examine Intellectual Property (IP) issues
    Find out whether another business or individual has already patented your idea by searching for a product.
Identify the features
    Based on the information you have gathered to date, list the features and benefits of your proposed product from highest market importance to least.
Take your time
    Define your product concept clearly, test it with your audience and don’t make any assumptions. Many (NDP) ventures fail because businesses risk through concept development and testing. 
2.1.3    RATIONALE FOR NEW PRODUCT DEVELOPMENT
    New product are needed by business firms because of the following reasons;
-    Fundamental changes in the world design industry: The industry of design is undergoing deep transformation, from now on design is not only for appearance and style. Design dramatically changing it to role from being a simply a tactical device to becoming a strategic business tool.
-    Transformation of consumption culture: Technological revolution provides customers with real [Power in the market, Tooling, the question of the utmost importance for brands is how to satisfy people who have an almost endless choice rein forced by instant access to global market.
-    Marketing Research/Design Research: Tradition marketing tools are good for analyzing exiting market ideas. Inductive thinking, qualitative approach used by designers is very good for imagining new possibilities. Design identify new product opportunities create design briefs.
Conduct market research, develop a platform for further innovations even brief advertising companies on how to promote the new product.  
-    From consumer to Human Experience: In contrast to artificial situation of focus group discussions, designers prefer conducting in context observations looking at the world through their customer eyes, emphasizing with the soul, mind and body of customers.
-    Strategic Reasons:
i.    Buyer often demand that associated products be made by the same manufacturer.
ii.    Firms channels of distribution are strengthened by the addition of new product.
iii.    Additional of new products is frequently important from a promotional strategy stand-point.
iv.    Some companies add new products for the purpose of trading their line up or down.
-    As an insurance against business failure emanating from product obsolesce, there must be adequate provisions for new product addition.