Q. Show the market research for various new products?
• recognize the various products available in the market,
• assess the consumer demand,
• identify the ingredients and the novel techniques involved in product development,
• appreciate the packaging and labeling requirements of different products,
• acquire knowledge about the shelf life of the product, and
• categorize the products into different areas.
Market Research
Market research is an exhaustive process and serves as a guide to familiarize one with the data collection methods, research methodology and forecasting techniques. Market analysis covers various aspects related to market and products such as market size, market growth, market segments, products available, product demand, technology used, product life cycle and cost dynamics. In organizations, market research is an integral part of the product development. Only after conducting market research, the organizations plan their strategies for product formulation and marketing. Market survey or research is the only way by which companies can study consumers and their behaviour. The market research of any organization may address the following questions:
What kind of product they are planning to put out?
Which market segment they actually target?
What is the market potential of the product or service?
Who are the competitors?
What are the market strategies of the competitors?
What are the customer expectations?
How to project new product or service more attractive for the customer by means of value addition?
This activity has been designed with a view to give you an idea about the markets, various products available, the brands available, consumer reactions and expectations, the target customer, the cost factor involved, the packaging and labeling requirements of the products.
Methodology
Conduct a survey for various products available in the markets.
Categorize the product according to:
1) Technologies involved, like frozen products, dehydrated products, products involving high concentration of sugars or salt, canned products, thermally treated products, products having preservatives or products with combined techniques.
2) Groups the products according to food groups, like milk and milk products, cereals and cereal products, fruits, vegetable products, fats and oils, sugars, meat and meat products.
3) Purpose they serve, example, ready-to-eat products, functional foods, convenience products, ready- to- serve products, pre-processed or semi-processed products.
4) Consumption pattern as breakfast preparations, meal preparation, snacks, desserts, accompaniments and beverages.
After the categorization of the products, the following information should be noted:
• Name of the product
• Technology involved
• List of ingredients
• Brands available
• Packaging
• Label and information on the label
• Shelf life of the product