Market research due to new product development

Problem Statement

The general concept of research is essential because through it, people attain information that is
not fully known to them. Market research is not only important for gaining information, but
serves as a foundation for making marketing decisions. Also, it helps firms to succeed in new
product development. In order to stay in today´s changing market, companies should develop
new products. Many researchers argue that about 80% of new products fail, so companies should
pay more attention to market research, when decide to develop new product or number of
products. The purpose of this thesis is to provide some useful information for Bosnian
enterprises, in order to be successful when introducing new products, because success will not
result solely from having a good idea.