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Case Study: Nivea: How Market Research Supports the New Product Development Process Solved

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Introduction

Market research is considered to be the research that is undertaken by the organizations in order to understand the various requirements of the market. This also includes the study of the demands of the customers thereby fulfilling the same as well. The study of the market is very important is it would help the company to understand what the market wants. The report would discuss the companies that required market research for their product development.

Task 1

1. In this case Nivea, is targeting the women who are find of deodorants as the company wants to launch the new product of pearl and beauty. They must be able to attract those customers who are working women and have the craze for deodorant. It is very important for the company to deliver the proper message to the customers whom they want to target in order to enhance their sales (Balensiefer, 2012).

2. Market research is considered to be the research that is undertaken by the organizations in order to understand the various requirements of the market. This also includes the study of the demands of the customers thereby fulfilling the same as well  (Birn & Forsyth, 2002). The study of the market is very important is it would help the company to understand what the market wants. The New product development implies the various processes that are required by the company in order to bring the accomplished product in the market  (Brace, 2008). It is very important for the organization to introduce its products to the market so that it can attract more customers by communicating the message that the product has to deliver them (Chandler & Owen, 2002). 

3.  The ways in which market research can be able to develop the product of Nivea, Pearl and Beauty are as follows:
•  Collect data which would include the demands of the customers that would enable the company to develop their products according to the demands created in the market.

•  Gather information regarding what price must be set so that it can enhance their sales.

The ways in which new product development can be able to develop the product of Nivea, Pearl and Beauty are as follows:

•    Make a good market research that would help in understanding the requirements of the market (Ferber, n.d.).

•    Assess the potential competition that the company would face while introducing the new product in the market.

4.    The Market research  must be able to meet all the requirements of the customers which are:

•    Inform the company regarding the needs of the consumers and the trends and expectations of the consumers.

•    The customers must be given the due opportunity to talk about the providers of the products and services so that the views of the customers are considered.

Solutions

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