Market and consumer research is a collective term used for collecting, analysing and interpreting information about markets, market trends and consumer behaviour. Consumer research can be considered a part of market research. It is also called consumer market research.

1. 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: info@foodresearchlab.com

2. 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.

3. 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.

4. 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.

5. IDEATION
How does Market and Consumer Research help in new product
development?
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.

7. 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.

8. 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.

9. 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.

10. 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.

11. BEST IT SECURITY
HOW THE FOOD
RESEARCH LAB CAN
HELP
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.

12. info@foodresearchlab.com
+44- 161 818 4656
UNITED KINGDOM
+91 9566299022
EMAIL
INDIA
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