Marketing. New products development

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This essay on new products development dwells on one major issue which is the role of lead users in the rolling out process of new products into the market. This is because of the fact that when a particular existing product begins to near the end of its life cycle, if is very important that IT should either be revitalized or new products manufactured to take its place.


Without doubt, given the dynamic environment within which the marketing activity is carried out, there is no gain saying the fact that product innovation occupy a very prime position in the quest to maintain relevance in the market of a modern economy.
Lead users maybe defined as a sample population of a manufacturers intended market, who get to use a new product before it is actually launched in the market and name generally available to every would be user. A very important indicator of the health of a company is its customer satisfaction index. This all important indicator can be known only after a thorough market analysis, which can be achieved when the lead users approach is adopted. The ultimate aim in the mind of manufacturers is to make sales and by extensions make profit considering that more sales is a strong indicator of a company's performance at any given time. Lead users aid market research because it results in systematic gathering, recording and analysis of every data concerning the response of the consumers to the new product. ...
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