The paper "Product Innovation - Nestle" is an outstanding example of a business research proposal. For many companies, the situation is that they give much attention to the research and design of the new products abandoning to integrate market research findings that could assist in the success of the new product. Thereby, market research is highly crucial in the success of a product as in the absence of proper information concerning the product and the target market the enterprise can find itself flying blind in the market. Proper market research identifies the needs, wants of the market, and thereby strives to ensure that the innovative or new product that they are introducing meets these needs.
Other aspects that proper market research presents are those of identifying the product features that are desirable to the target market, the pricing, distribution channels to be applied as well the motivation levels of the consumer market to purchase the new products. Background of the Study The development or creation of new products originates from two main areas namely advancements in technology or the presence of a new market opportunity (Eliashberg, Lilien and Rao 1997).
However, despite the origins of the new products the fact remains that the consumer market determines the success of the products in the new market (Brown & Eisenhardt 1995). Therefore, this presents that those enterprises or companies desiring to introduce new products into the market the opinions of the consumer market are highly crucial to the ultimate success of the product in the market. Developing new products is identified as being conducted in a matter of different stages in which market research can be conducted.
These stages include opportunity identification, development, testing and the launch stages (Urban & Hauser 1993). However, consumer or market research is often found to be carried out in the latter stages that include the development, testing and launch stages. Despite the presence of technology that strives to make various business activities simpler, many companies utilize consumer research to ensure that they can verify the presence of a need or want amongst the consumer market. Opportunity identification, however, remains as one of the most important stages despite the relative importance of the latter stages.
Successful market entry of an innovative or new product crucially depends on the ability of an enterprise to recognize an opportunity to meet a need or a want within the market (Cooper 1985). At the opportunity identification stage, the main purpose is that of analyzing the market to identify gaps that mainly entail the presence of unmet needs and wants of the consumer market. At this stage, however, the main challenge is that the market research process has no concise mode of the approach of relating to the consumer market, to identify those areas where the needs and wants are not being met since the consumer market is not aware of what they need (Ulwick 2002).
However, by conducting successful research of the market, it then raises the chances of success for an enterprise in gaining a competitive advantage, as the enterprise can then identify the perception held by the consumer market, concerning the already present products in the market.
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