Posted in Marketing and Strategy Terms, Total Reads: 4833
Definition: Product Research
Marketing research provides information on the desired characteristics of a product or service is called product research. Product research helps companies to understand what the customers really want, so that the product can be tailored to match the needs of the customer. Product research can help to refine new product ideas.
Product research is a very important activity in new product development – it can be carried out at several stages of new product development. In the initial stages, product research can be carried out to identify and screen new ideas. This testing will help reduce costs by avoiding product development costs in the discarded ideas.
In the later stages of product development, product research can help companies to identify which features are important and hence retain them and which features can be discarded. A newly developed product is also tested with customers, to identify any changes to be made to packaging etc. Once the product is launched, consumer satisfaction with the product is tested. Most common techniques used in product research include focus group discussions, interviews and surveys.