industry and market research
                     HOW CAN MARKET AND 
CONSUMER RESEARCH 
FACILITATE NEW PRODUCT 
DEVELOPMENT? 
An Academic presentation by
Dr. Nancy Agnes, Head, Technical Operations, 
FoodResearchLab
Group:  www.foodresearchlab.com
Email: [email protected]
What is Market and Consumer 
Research? 
• Market and consumer research is a collective term used for collecting, analysing and interpreting 
information about markets, market trends and consumer behaviour.
• While market research aims to gather information related to market size, growth potential and 
opportunities, consumer research delves into understanding consumer preferences, behaviour and 
attitudes of the target consumers.
   
• Market and consumer research help businesses make informed decisions, gather consumer insights, 
develop innovative products and improve their marketing strategies.
  
• In addition, market and consumer research results in improving existing products, developing 
innovative products and consumer satisfaction, which is crucial for the success of the business.  
BEST IT SECURITY
Evidence on the safety aspects of sugar replacers 
• Market and consumer research is crucial for companies who want to stay competitive within the 
industry. 
• Firstly, market and consumer research helps minimise potential risks and prepares industries for a 
successful product launch. 
• The business can understand the market and target audience, which helps them create innovative 
products and improve the existing product and marketing strategies. 
 
• Conducting industry and market research helps organisations make decisions based on facts; they 
can estimate the chances of a product’s success.  
Cont.
• Thirdly, market and consumer research helps industries gauge the 
resources they require for developing new products. 
• Investors may also want to look at market research before granting funds; 
they need some security that the product will be successful. 
• Finally, properly conducted market and consumer research clearly shows 
how the concept will be welcomed into the market.
Cont.
How does Market and Consumer Research help in new product 
development? 
IDEATION 
• Market research helps identify gaps in the market and unmet 
consumer needs. 
• Businesses can develop ideas for innovative products by 
analysing consumer preferences and pain points. 
• In addition, market and consumer research can also help 
identify opportunities for new products. 

CONCEPT EVALUATION 
• Consumer research allows businesses to evaluate product 
concepts with potential consumers before investing huge 
resources in new product development.
• The evaluation and subsequent validation help identify which 
ideas align with the intended audience, thereby increasing the 
chances of product success and minimising the risk of 
launching a product with low acceptance.  
VALIDATION IN THE MARKET 
• Understanding market demand and identifying target 
consumer groups can aid in the prioritisation of product 
features.
ANALYSIS OF THE COMPETITORS 
• Market and consumer research involves analysing their 
competitors through a SWOT analysis, wherein the strengths 
and weaknesses of competitors’ products are analysed. 
• This analysis helps businesses to differentiate their products 
and create selling points, which are crucial for positioning their 
product in the highly competitive market landscape.  
PRODUCT FEATURES 
• Market and consumer research helps gain consumer insights, which can guide new product 
development. Understanding consumer preferences and features help businesses develop innovative 
products that meet consumer needs. 
PRODUCT TESTING 
• Testing product with intended consumers helps organisations to gain valuable consumer insights, 
identify possible issues and make necessary amendments before launching the product. 
POST-LAUNCH EVALUATION 
• Gaining and monitoring consumer feedback, analysing sales data and keeping track of market trends 
can lead to improvements in the product.
CONCLUSION
• Market and consumer research is a backbone for new product development, for it involves 
gaining consumer insights and market trends. 
• Market and consumer research help at every stage of product development, from generating 
new ideas to evaluating concepts, product features, and post-launch evaluations. 
• Businesses can minimise risks and increase the chances of a product’s success by thoroughly 
understanding consumer needs and market dynamics. 
HOW THE FOOD 
RESEARCH LAB CAN 
HBESLTP IT  SECURITY
• We are a team of food scientists and technologists who 
offer B2B services in developing food products, 
beverages, nutraceuticals and cosmeceuticals. 
• We assist start-ups, skincare industries and 
nutraceutical companies in formulating innovative 
products or reformulating existing products. 
• We also conduct market and consumer research that 
help develop products that align with consumer needs 
and market trends and ensure the formulated product 
is successful.  
Contact Us
UNITED KINGDOM
+44- 161 818 
4656
INDIA
+91 9566299022
EMAIL
[email protected]