CHICAGO and LAS VEGAS, Feb. 27, 2007 – Recognizing that delivering successful new products that meet the evolving needs of today’s changing consumers is both a challenge and an opportunity for consumer packaged goods (CPG) marketers, IRI, the world’s leading global provider of consumer, shopper, and retail market intelligence and insights for the CPG, retail and healthcare industries, today unveiled its “Product Innovation and Launch” solution suite, which contains solutions that support each stage of the product development lifecycle. The announcement was made at “Summit 2007 – Changing the Game” being held this week at the Wynn Las Vegas.
“To ensure that products fall on the winning side of the success equation, the CPG industry needs comprehensive solutions that help with the development of new product concepts and marketing plans,” said IRI President and Chief Executive Officer Scott W. Klein. “The ‘IRI Product Innovation and Launch’ solution suite gives the industry the ability to effectively identify new product success factors, take pre-emptive steps to effectively build a product’s distribution and change launch execution mid-stream.”
The “Product Innovation and Launch” solution suite includes established, industry-leading solutions, including BehaviorScan®, IntroSource, AttitudeLink™, IntroCast, and Product Locator.
The suite also includes a new web-based application, IRI New Product Profiler™ and GNPD IRIS, a unique tool launched in early 2007 by IRI and Mintel that integrates IRI point-of-sale data with the Mintel Global New Products Database. The product allows CPG companies to monitor the sales successes and failures of new products and established brands.
IRI New Product Profiler™
IRI New Product Profiler is an interactive solution drawing upon a new historical product database that empowers CPG marketers to analyze the critical success factors of the strongest new product introductions—many of which were recognized as IRI New Product Pacesetters—since 2002.
The tool supports the planning stage of the product development lifecycle by helping manufacturers and retailers set initial targets for their product launch and marketing plans. It also helps to plan future product launches and set realistic goals for their success.
Unlike other solutions, IRI New Product Profiler integrates key sales, consumer and media metrics with automated analytics and scenario planning to help manufacturers set realistic goals and determine optimal marketing support. The following are just a few of the questions the solution addresses:
- What were the average year one and year two volume sales for new product introductions in this category or segment?
- What marketing factors distinguished successful products from unsuccessful products?
- What was the merchandising and coupon activity on these new products?
- What was the media spending on these new products?
- What is the typical number of SKUs carried for each new product in this category?
For more information on the “Product Innovation and Launch” solution suite visit: http://us.infores.com.
About Information Resources, Inc.
Information Resources, Inc. (IRI) is the world’s leading global provider of consumer, shopper, and retail market intelligence and insights, empowering consumer packaged goods (CPG), retail and healthcare companies to grow their business profitably in a complex marketplace. Driving breakthrough growth in the industries it serves; only IRI provides a unique combination of real-time market content, advanced analytics, enterprise performance management software, and professional services. The company’s portfolio of services, solutions, and technology enable leading retailers and their suppliers around the globe to see what they are missing, act faster with greater confidence and win at the shelf. Ninety-five percent of the FORTUNE Global 500 in CPG and retail leverage IRI to power their business. For more information, visit: http://us.infores.com.