Consumers in a new product development policy

Abstract

The knowledge of consumers, their needs, mechanisms of market decisions and kinds of behaviour constitutes the basis for a company’s activity in the market economy. An enterprise that wants to operate and be successful in the market must look at its products through the eyes of the buyers. It should carry out regular assessment of its offer and improve it by adding elements that are important for consumers and eliminating those that are unwanted or insignificant. That is why knowledge of consumer behaviour is the prerequisite for the development of an optimum new product development policy. Familiarity with buyer’s expectations in relation to the company’s offer is the most important factor, since it determines the new product development strategy. This knowledge is essential at each stage of the process: searching for a new product idea, specifying the concept of the product, selection and verification of the product concept, product development and market testing.

The author discusses the process of new product development. He points out the importance of information about consumer behaviour and the factors that influence it in the process of new product development. The article presents elements of consumers’ behaviour used in different stages of new product development. The role of various product features in the process of shaping consumer behaviour was also underlined.