Development costs targeted

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Related tags: New product launches, Manufacturing, Mintel

A new tool that enables manufacturers to rapidly assess the success and failure rates of new product launches could help slash development costs in...

A new tool that enables manufacturers to rapidly assess the success and failure rates of new product launches could help slash development costs in the industry, according to its co-creators, Mintel and Information Resources.

Global New Products Database (GNPD) IRIS, which took nine months to develop, uses a vast array of criteria to scan sales figures from new launches across the US and seven key European markets, said Alistair Vince, product director for the Mintel GNPD. He added: "Let's say you are developing a new pomegranate drink. You can look at all the related launches in this sector in the last two years either across several markets or just in your target market and, just as importantly, you can see what new products have come off, as well as on, to the market.

"You can also look at the sales growth curves."

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