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New Tool to Aid Product Development
Market research supplier, Mintel, and retail and consumer information provider, Information Resources Inc (IRI), have paired up to launch a new tool which they claim could reduce the cost of new product development by up to 80%.
Known as GNPD IRIS, the tool will allow consumer packaged goods (CPG) firms to monitor sales successes and failures of new products and established brands, identify emerging trends, and establish realistic benchmarks about the sales potential of their new product ideas before committing to the next stage of development.
GNPD IRIS will work in conjunction with both the Mintel Global New Products Database (GNPD), which provides up-to-date information about new CPG products, and with IRI InfoScan®, a scanner-based tracking service that processes point-of-sale data from stores on a weekly basis across seven countries.
Commenting on how the tool will meet the needs of the global market, where around 182,000 new CPG products were launched last year, IRI President of Global Solutions Management, Mark Tims said: 'New product introduction is closely linked to driving business results for manufacturers and retailers in most countries. However, these new products need to succeed in order for this mechanism to work. GNPD IRIS will help turn the art of launching new products into a science by optimising new product success rates through deeper trend understanding and analysis, including critical insights into the dynamics and diversity of a country.'
The two firms are on the web at www.mintel.com and www.infores.com .
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