Market research should play an important role for all food and drink manufacturers – particularly when it comes to developing new products or new marketing initiatives.
Innovation is important for growth prospects. Many manufacturers are increasingly putting the consumer at the heart of their innovation strategies through market research. For this reason, understanding how to research your market has never been more important.
Understanding consumer needs should be the starting point of any innovation or new product development process. Market research can play a critical role for food and drink manufacturers in:
- Identifying the need for a product
- Formulating a new product solution
- Determining whether that solution is feasible
- Identifying current or potential solutions
The following sections will provide you with information on: