Market research of a new product development (NDP)

Market research of a new
product development

Executive Summary
Purpose: Main purpose of this dissertation is to research of new product from natural marble
based on ROCAILLE company in Lebanon. This is a main purpose and helps in identifying of
factors such as quality, cost, service and delivery time to achieve high customers satisfaction,
evaluating of the the process of new product to generate high success in competition and
examination on how to obtain high efficiency in marketing.
Design/methodology/approach – This dissertation is based on primary research that helps in
gathering of valid and reliable information within less period of time. Primary information
gathered through questionnaire to answer the each research question.
Findings- Findings of the dissertation analysed through frequency distribution analysis. This is
an analytical tool that support investigator in analysing of quantitative information in less period
of time. This supported investigator in accomplishment of research aim and objectives within
less period of time and in successful manner.
Practical implications – This research finds the impact of new product development in
improvement of business growth and success. This research also has implication in finding of
different factors that effects in improvement of customer satisfaction towards brand or product.
Originality/value– This research is higher value because with the help of this, investigator can
easily increase their understanding about the significance of new product development in
business development.
Key word – New product development

Table of Contents
Executive Summary ........................................................................................................................2
Title: Market research of new product from natural marble based on ROCAILLE company in
Lebanon............................................................................................................................................1
INTRODUCTION...........................................................................................................................1
LITERATURE REVIEW................................................................................................................3
RESEARCH METHODOLOGY...................................................................................................11
Data analysis and interpretation.....................................................................................................15
CONCLUSION AND RECOMMENDATIONS ...................................................................29
REFLECTION AND ALTERNATIVE RESEARCH METHODOLOGY ..................................32
REFERENCES..............................................................................................................................33
Appendix........................................................................................................................................34
Questionnaire............................................................................................................................34
.......................................................................................................................................................35

Title: Market research of new product from natural marble based on
ROCAILLE company in Lebanon.
INTRODUCTION
There are different factors and elements that need to be consider by organisation while
developing and creating products. It is essential to identify and analyse various elements for
creating high quality products that will lead to satisfy the customers. product development refer
as the process of creating or manufacturing new or different product which is significant for
meeting with the requirement of customers. There are various steps and phases that are includes
in product development process. Customers satisfaction is important part of organisation as it
helps in meeting with the needs of customers as well as increase loyalty of customer with the
company. Customer satisfaction can be describe as measurement which is significant for
determining happiness of customers by purchasing products. It is important for company to
satisfy the need and want of customers as it will lead to have major impact on overall
performance of company. Customer’s satisfaction can be enhanced by providing high quality
products, service as well as capabilities of organisation. High customer satisfaction leads to
increase in sales and profitability of organisation and assist company in gaining competitive
advantage. There are different ways and approaches that are significant for developing strong
customer satisfaction. High product and services standards of company is very effective for
enhancing the experience of customers as well as creating higher customer satisfaction. Chosen
company for this report is ROCAILLE. This company was developed in year 1984 and it is
dealing in marble industry. ROCAILLE organisation is a well known international contacting
company that is providing high quality products and services to customers. This company is has
highly technical productive capacity in conjunction with a skilled operational team. ROCAILLE
company is market area of Venezuela, Singapore, USA and Europe. This report includes
different elements for new products development. In this report, different element that are
required to achieve better marketing of new products has been determined. Literature review will
include proper and authentic data and information about the topic. In this research methodology
consist the process of collecting and gathering data in more effective and accurate manner.

Research aim and objectives
Aim:
The aim of this research is how to maximize achieving better marketing of new product
results in companies producing natural marble.
Objectives:
 Identify factors such as quality, cost, service and delivery time to achieve high
customers satisfaction.
 Evaluate the process of new product to generate high success in competition.
 Examination on how to obtain high efficiency in marketing.
Research Questions
 What are the factors such as quality, cost, service and delivery time to achieve high
customers satisfaction?
 What is the process of new product to generate high success in competition? How to obtain high efficiency in marketing?
Rationale of the research:
Main reason behind doing this investigation is to identify the factors that helps in
achieving of higher customer satisfaction. This research also helps in identifying the process of
new product development. Along with this, current investigation is important at personal as well
as academic level. At personal level, this research helps researcher in improvement of its
research skills such as data collection, data analysis, time management, literature review etc. All
these are useful skills for researcher in conducting of present investigation systematically and
timely. At professional level. At academic level, this investigation support students by increasing
their knowledge and understanding about the impact of new product development in
improvement of customer satisfaction and attainment of competitive advantages. Therefore,
current investigation is essential at each and every level.

LITERATURE REVIEW
Literature review is the systematic process of gathering secondary data about the specific
area of study. There are different sources that will be essential in collecting of secondary data
such as books, journals, magazines, publication research etc. All these are considered effective
and useful sources of gathering secondary data. Main purpose of literature review is to identify
the research gap. Main gap of this dissertation is the achieving of better marketing efforts of new
product results in companies producing natural marble. In previous studies, there were data
available about the impact of new product development in business success but there were lack
of information regarding the marketing efforts of new product development. In order to
overcome this gap, research questions will be described as below:
What are the factors such as quality, cost, service and delivery time to achieve high
customers satisfaction?
Customer satisfaction is considered as one of the essential marketing term which evaluates
how goods or services provided through organisation surpass an expectation to consumers. This
is significant as it facilitates organisation and marketers with a metric that it can utilise for
managing as well as developing its enterprises. It has been determined that customer satisfaction
is very crucial part of business and it will lead to have major impact on business. Company needs
to focus on increasing customer satisfaction as well as increasing the quality of services to meet
with the requirement of customers. Moreover, there are several factors like cost, quality, services
and delivery time which influences the satisfaction of consumers. So, this is vital for all entities
such as ROCAILLE company to undertaken all these factors in order to attain higher customer
satisfaction. All these factors are discussed below: Quality: This is considered as the important factor which is usually facilitates consumer
value which are rendering standard product or service which meets audiences’
expectations. As consumer expectations are arising and for remaining competitive into
market area it is important for ROCAILLE Company to undertake this factor. As they are
planning to introduce new product that is natural marble so this is significant for them to
consider this factor while manufacturing goods. Because higher or standard products
quality are helpful for respective firm to achieve high customer satisfaction competitive
market.

 Cost: This is also considered as one of the crucial factor as it provided essential message
to customers. Moreover, it is determined that cost enhance so accordingly audiences
perspectives of product quality is being sold. It is so as consumer are usually sceptical
regarding cost which appear to be “ too effective to be true”. Also, it s suggested to all
entities that the cost of product should be reasonable not too high more too low as this is
an effective way to keep consumers satisfied. Therefore, ROCAILLE Company has to set
their product cost between low to high for its new product that is natural marble as this
helps them to achieve higher customer satisfaction. Service: This is considered as the factor which mainly states the difference between
consumer expectation as well as service perception. Moreover, the satisfaction of
customer or dissatisfaction is being developed through its experiences of buying and
availing services. So, the ROCAILLE Company has to provide standard services with
help of internet, modern transportation methods and others which will assists them to
achieve higher customer satisfaction effectively.
 Delivery time: It is also considered as one of the vital factor that influences customer
satisfaction. As per the Econsultancy report, in about 48% of audiences are do have
interest to wait for more time approx 5 days for its purchase, where as 23% are can wait
for at least 8 days or more. Delivery time does not only influences the buying decision
but also have greater affects upon consumer satisfaction (The 15 Key Factors That
Influence Customer Satisfaction, 2019). So, it is crucial for ROCAILLE Company to
deliver their new product that is natural marble to its potential clients on time as this
show timekeeping and helpful to attain higher customer satisfaction.
What is the process of new product to generate high success in competition?
As per the views of Maximillian Claessen (2015), new product developing process
includes the idea of creative and original product in market area. It is essential for organisation to
develop and create products which is as per the need and want of customers in order to gain
success in market area. New product development process can be describe as the procedure for
creating or manufacturing completely new products which is significant for enhancing meeting
with the need of customers. In this organisation is planning to introduce completely new product
which is effective for enhancing experience of customer. New product will assist in gaining
competitive advantage over other rival companies. This can be define as the original product or

improvement in current product with the motive of increasing its effectiveness and efficiency. It
is important for company to conduct accurate research in order to understand and determine the
needs or requirement of customers. Data and information collected through this can be used in
development of new products as well as successfully increasing potential of organisation.
Consideration of customers need and wants will assist respective company to successfully
develop products and meet with the requirement of customers. It has been analysed that the
process of developing new product includes anything which is significant to meet with the desire
of customers and it is perceived by consumer. Any customer will consider as product as new
with anything new or different has been add by manufacturer which was not available with the
previous experience. It is important for company to consider new input or other elements while
developing new products as it will lead to have major impact on overall quality and performance
of company’s new products. It is very difficult for respective company to develop and create
new product as the process of manufacturing product is very complex and difficult. There are
different elements or aspects which can be consider by organisation while developing new
products. There are different categories of new product development process in the term of
introducing newness to the company or market place. There are different options that is available
to company which will help in determine various factors for developing new product. Different
category form which company can choose such as –
 Developing new product is creating different product which is completely new to the
world.
 Creating new product line that s significant for entering into new line of products which
is for the first time.
 Respective company can make modification or addition to the current or existing product
line. Organisation will be increasing or add new supplements in the existing product line.
 Organisation can conduct improvement in existing products. In this modification
organisation will create new product which is significant for providing extra values to
customers