1-Demand Forecasting-Marketing research helps business in estimating the demands of customers.

It through various forecasting techniques help

business in predicting the right quantity of goods needed and then accordingly producing it.2-Sales Analysis Marketing research enables business in
analyzing their sales through examining the sales report. It tells which goods are sold well, whether the sales force is working effectively or not, which
inventory should be stock more and what should be the production capacity.3-Advertising Research Marketing research has an efficient role in
determining an effective and appropriate advertising medium. It analyses various aspects of advertising like themes, appeals, headlines,
communication clarity, attention value etc. according to the advertising goals of business.4-Positioning Research Marketing research enables in
developing the optimal position of a brand or service in the market. It collects and supplies all relevant information about potential customers to
business and this way helps in positioning the products among customers in better way.5-Market Segmentation This process collects and
communicates all facts about market to companies. It is the medium through which business is able to acquire key attributes about their potential
customers which helps them in creating different target market groups.6-Product Research Marketing research is a significant tool for planning and
developing of products. It enables business in designing the right product by providing all information regarding new ideas in market, testing the new
product and evaluating the current product mix to find out the changes that need to be brought in it. 6-Pricing Research It helps business in framing
proper price strategies for setting right price of its products. Marketing research collects all information regarding competitors pricing strategies,
customer’s price expectations and various factors affecting the pricing decisions.7-Distribution Research This research aims at choosing the most
appropriate distribution channel to deliver the products to customers in less time. Marketing research analyses and identifies the potential
distribution channel, chooses efficient market intermediaries, reduces the distribution cost and evaluates the performance of the distribution
channels.8-Customer Satisfaction Research -It means interacting with customers and taking information about their shopping experience with brand.
Marketing research takes customers feedback and focuses on their perception regarding the company products.

CHALLENGES IN NEW PRODUCT DEVELOPMENT Turning an idea into a marketable product is complex and multifaceted. You have to execute all
the steps Correctly and create a product that appeals to a particular market. Because the process is difficult, once your Company has created
several viable new products, its services could be in great demand.

1-Challenge related to Concept Development: The first challenge you face when developing new products is choosing a
concept that has potential. A good Idea is only a first step and often isn’t viable because of cost, production difficulties or
regulatory limitations. Your new product development company can only take on projects for which it can establish a
reliable path Through development, and your team has to learn to recognize such products. 2-Challenge related to
Financing: Developing new products is expensive and risky. A new product development company has to make sure it will
Receive compensation in line with the risk it is assuming. Common models range from a low-risk one where an Inventor
pays the company a fee for the development, to one where the company arranges financing with its Own resources or with
outside investors and receives a share of the profits. 3- a Proper Team for New Product Development: You probably have a
permanent team made up of people with varied expertise to evaluate and choose projects, But you need specialists once
you are developing a particular product. Assembling a team that can handle the Design, create the production drawings, set
up manufacturing and identify the target markets for a specific Product is challenging. While the work is interesting, long-
term planning is difficult, because the success of the Project is not certain. 4-Developing a successful Design To ensure a
successful product development, your team has to design a product that has functionality foreseen By the inventor and
attractive to the target market. You must be able to manufacture the product at a reasonable Cost, and it has to meet safety
regulations. The challenge is for the designers to keep all these aspects in mind While creating a product that will sell. 5.
Support for smooth Production Your new product design company has to establish limits to its involvement. New product
development usually Does not include manufacturing products for sale but does include help with setting up the production
line and Preproduction validation of the design. You have to show that your product can be built for the cost you Estimated
and that it will work as planned. You may also develop customer documentation and instruction Manuals.6. Proper
Marketing While you may help with identifying target markets, establishing possible marketing concepts and test Marketing,
carrying out the marketing plan is usually the job of your client company or the company that will Handle the developed
product. Your involvement normally ends with a successful product launch, although you May continue to act in an advisory
capacity, especially if your compensation includes a share of the future Profits.