On November 17, 2005, Priscilla Sze, the Managing Director of N-Dynamic Market Research & Consultancy, addressed the issue of new product development failure to the participants in the first Confectionery Manufacturing Expo in Shanghai, China. She also presented the unique new product diagnostic and screening tool of its UK partner, MIH.

 

"Global confectionery manufacturers are making Innovation their primary source of new revenue growth. However,  there is an over quoted statistic that says about 9 out of 10 new product introductions fail. As far as we can make out, it originally came from an AC Nielsen and Ernst and Young study in 1997. We hear figures of 70-80% more recently, but whatever the true figure for a category or market, anything over 50% surely is an appalling strike rate" said Priscilla Sze.

 

N-Dynamic and its U.K. Partner, MIH, have identified a few main reasons accounting for new product development failure: namely, inconsistency of judgement criteria, confusion and misunderstanding in developing ideas and consumers not involved early enough.

 

The MIH diagnostic and screening tool enables consumers to use wireless keypads to vote on a wide range of new product concepts. The technique combines quantitative research and qualitative research in the same study, (on the same day) for rapid, cost-effective idea or concept filtering and generating development insight.

 

Priscilla Sze has demonstrated and illustrated how fast, easy and effective it is to use the tool for real time collection of information from participants in the Confectionery Manufacturing Expo. The tool was received with high interest..

 

 

MIH is a London-based consumer products innovation company with an integrated research capability. The business was born from the frustration of long innovation lead times and poor in-market success rates. It aims to improve Innovation Efficiency.

 

It specialises in fast, insight based idea generation, rapid early stage evaluation techniques, creative concept development, and efficient innovation delivery.  This is achieved using the proprietary MIH Toolkit: generating, evaluating, developing and delivering successful new FMCG products around the world.

 

In May 2005, MIH has signed an exclusive five year deal with N-Dynamic Market Research & Consultancy. N-Dynamic acts as MIH's Asian research partner for its unique concept screening and diagnostics tools. In return N-Dynamic is able to offer its local clients MIH's proprietary early stage idea generation tool.