PRODUCT DEVELOPMENT RESEARCH

New product development is a company's lifeblood. Growth and profits suffer without aggressive an introduction of new products and services into the market. All companies need to find out what their existing and potential customers want in order to meet any gaps in the market. However, asking your customers to take the role of research and development personnel to find out what they want will not always lead to success. The key to successful market research for new product development comes from an understanding of what customers do and don't value, not simply from asking them to submit their own solutions.