Product Selection---Witchcraft or Wisdom

Abstract

This paper develops the thesis that marketing research can make a significant contribution to new product conception and development. A discussion of new product development is presented within the framework of meeting the challenge of changing needs of the market and the competition of companies who are market-oriented and working to anticipate the needs of their customers. Companies engaged in research and development work are committing important resources in new product and new concept development in order to survive, yet there is a risk of failure that is inherent in such activities. Although it is agreed that the risk of failure cannot be eliminated, it is recommended that this risk can be reduced by utilizing the discipline of marketing research.