Product research is marketing exploration that provides information about the desired characteristics of a specific product or service. Product research helps businesses understand what customers truly want so that the product can be customized to meet the customer's needs. This research can help fine-tune new product ideas.
Product research is a very crucial activity in new product development - it can be conducted at different stages of new product development.
In the initial stages, product research can be conducted to identify and test new ideas. This testing helps to lower costs by reducing product development costs for the discarded ideas.
In the later stages of product development, product research can help firms determine which features are essential and therefore can be kept and which features can be dismissed. A newly developed product is also tested with customers to identify what changes need to be made to packaging, etc. Once the product is on the market, consumer satisfaction with the product is tested.
The most common techniques used in product research include focus group discussions, interviews, and surveys.Product research is marketing research that provides information about the desired characteristics of a product or service. Product research helps companies understand what customers really want so that the product can be tailored to meet their needs. This research can help refine new product ideas.