Development of a new product/service

Development of new product or service is an expensive process, which necessarily requires market research, in order to minimize potential difficulties and risks to a minimum and to launch only products that will gain success on a market.
Development of a new product requires a verification of various marketing mix elements, which has to be done through a series of research:
   • concept test – acceptance by consumers
product/service test – consumer based optimization
name test – name performance evaluation
packaging test – test on product packaging in its competitive field
     and measurement of the values and benefits product packaging communicates
price-positioning – provides information on consumer expectations and
     perceptions of the proposed price
assessment of volume/market – estimating future success
     of the product or service.