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Press Releases
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10/22/2008
Mintel and IRI Enhance Accuracy of New Product Development Solution to Ensure Successful Launches
With New Best-In-Class Trend Analysis, GNPD IRIS is Best Source for Evaluating Global New Product Introductions
CHICAGO, Oct. 22, 2008 – In today’s rapidly changing and highly competitive markets, a successful new product launch is key to business growth and profitability. The key to success doesn’t end with the actual launch, though. To help manufacturers optimize a product’s success even after it has been proven in the marketplace, leading market researchers Mintel and Information Resources, Inc. (IRI) announced today that they have enhanced their new product development support solution, GNPD IRIS.
GNPD IRIS now offers the most accurate trend analysis available through its enhanced measurement capabilities that can zero in on a product’s movement, distribution and performance according to a store’s geographic location and compare it to desired benchmarks.
“GNPD IRIS can now provide multi-country or country-specific analysis to support innovation and help companies better understand trends,” said Alistair Vince, director, operations and innovation, GNPD, Mintel. “Companies spend millions of dollars annually on new product innovation, and our industry-leading application helps them optimize new product success rates across the United States and Europe.”
GNPD IRIS, which launched in 2007, enhances Mintel Global New Products Database (GNPD), allowing consumer packaged goods (CPG) companies to identify global new product launches and distinguish between those that are successes and failures, thereby increasing the likelihood of successful innovation.
The new measures for IRIS include:
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Movement: Value sales expressed in the applicable unit of measure for the country, including dollars, euros and pounds.
- Distribution: Captures annual sales for all items sold through a store by the All Commodity Volume (ACV) weighted distribution. This measurement provides an accurate percentage of distribution weight by store according to its volume of business. This gives higher-volume stores more credit than lower-volume stores instead of each store counting equally. In essence, each store counts in proportion to its total sales of all products.
- Performance: Value sales per “best available” distribution measure, either in dollars, euros or pounds per million, ACV or store.
“The benefit of ACV weighted distribution is that it gives a more accurate reflection of distribution because it takes into consideration that some stores are more important than others,” said Mark Parise, president, IRI Market Information Group. “Manufacturers can now get a better sense of distribution build and product velocities during the first two years of a product’s introduction and compare it to relevant benchmarks.”
IRIS integrates the existing Mintel GNPD tool with IRI InfoScan®, a scanner-based tracking service that processes point-of-sale data from stores on a weekly basis across seven countries. Data is provided for major channels of distribution in France, Germany, Italy, Netherlands, Spain, United Kingdom and the United States. IRIS is an extension of GNPD and subscriptions are available from Mintel.
About Mintel
Mintel is a leading global supplier of consumer, product and media intelligence. For more than 35 years, Mintel has provided insight into key worldwide trends, offering unique data that directly impacts client success. Mintel Global New Products Database (GNPD), your new product partner, tracks international new product launches, innovations and development trends. With offices in Chicago, London, Belfast and Sydney, Mintel has forged a unique reputation as a world-renowned business brand. For more information on Mintel, please visit www.mintel.com.
About Information Resources, Inc.
IRI is the world’s leading provider of consumer, shopper, and retail market intelligence and insights supporting 95 percent of the FORTUNE Global 500 consumer packaged goods (CPG), retail and healthcare companies. Only IRI offers the unique combination of integrated market information, automated and predictive analytics, innovative enabling technologies, and domain expertise. With IRI, leading retailers and manufacturers are able to quickly discover breakthrough insights driving smarter decisions and actions across the enterprise for breakthrough results. Companies around the world depend on IRI for improved productivity, stronger brands, and dramatic revenue growth. For more information, visit http://us.infores.com.
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IRI CONTACT:
John McIndoe
E-mail: john.mcindoe@infores.com
Phone: (312) 474-3862
Fax: (312) 474-2592
MINTEL CONTACT:
Joanna Peot
E-mail: jpeot@mintel.com
Phone: (312) 628-7946
Fax: (312) 932-0469
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