Market Research Importance

The numerical results clearly demonstrate that market research is not just a theoretical benefit but a measurable driver of product launch success. Individuals and organizations that leverage research techniques like market testing, customer feedback, and detailed segmentation can significantly outperform competitors in market penetration, sales, and customer satisfaction.
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1. Consumers and Market Characteristics

A study analyzing 272 new products in the Netherlands found that products with detailed market research incorporated into launch strategies achieved higher market acceptance. Key metrics included better market position and sales levels, with innovative products outperforming less innovative ones by up to 35% in market acceptance (Hultink & Robben, 1999).

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2. Market Testing and Customer Feedback

A retrospective study of 200 product launches conducted through a mail survey found that market testing and customer feedback were linked to profitability increases of 20-30% in successful product launches. Tactical activities like advertising testing and pre-launch trials showed significant improvements in market share and relative sales (Di Benedetto, 1999).

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3. Market Acceptance

A 2023 empirical study on 101 respondents using Apple products in Serbia found that successful product launches were tied to high-quality marketing research. Compatibility and customer perceptions influenced a 35% improvement in acceptance rates among early adopters when compared to generic market launches (Zlatanović et al., 2024).

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4. Launch Strategy Impact

A survey of 113 industrial new products in Germany highlighted that firms with an analytical and risk-taking corporate mindset, paired with comprehensive market research, achieved a 15% higher rate of market penetration within the first year compared to those with less structured strategies (Talke & Hultink, 2010).

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5. Market Research for Financial Products

A survey of financial services companies reported that firms incorporating market research in their product development processes saw 15-20% increases in customer retention. Tracking customer preferences during product conception ensured smoother transitions from development to launch, leading to higher success rates (Davison et al., 1989).

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1) Hultink & Robben
2) Di Benedetto
3) Zlatanović et al.
4) Talke & Hultink
5) Davison et al.