PRODUCT RESEARCH

PRODUCT RESEARCH
1:Market
analysis
4:Competitive
analysis
WHAT IS
PRODUCT
RESEARCH?
3:Product
testing
2:Customer
research
What is Product Research?
Product research is the process of marketing research that is
done to get information on the desired characteristics and
specifications of a product expected by the potential
customers mainly before the launch and availability of the
product. Product research helps companies to understand
what the
This research can help to refine new product ideas as well as
improve the existing products in the market.
PRODUCT DEVELOPMENT STRALATEGY
MARKET
RESEARCH
ANALYSIS
CONECPT
PRODUCT
DEVELOPMENT
BUILD
PRODUCT
There are different types of product research, including:
1. Market analysis: This involves analyzing the market size, growth potential,
competition, and trends in the industry.
A market analysis studies the attractiveness and the dynamics of a
special market within a special industry. It is part of the industry
analysis and thus in turn of the global environmental analysis.
Through all of these analyses the strengths, weaknesses,
opportunities and threats (SWOT) of a company can be identified.
2. Customer research: This involves researching customer
preferences, behaviors, and attitudes through surveys,
focus groups, and other methods.
What is Customer Research?
Customer research is conducted so as to identify customer segments, needs,
and behaviors. It can be carried out as part of market research, user research, or
design research. Even so, it always focuses on researching current or potential
customers of a specific brand or product in order to identify unmet customer
needs and/or opportunities for business growth.
3. Product testing: This involves testing prototypes and
samples to identify potential issues and opportunities for
improvement.

Product testing

Product testing gives your target audience a range of options and asks them to provide feedback on each one. With
product testing, you can compare metrics like purchase intent, quality, and value to find out which product concepts
customers like best. Drawing on those insights, you can craft products that will resonate, sell and engender loyal
customers. Let’s take a closer look at what product testing entails, and why you need to do it.

What is product testing?

Sometimes described as consumer testing or comparative testing, product testing is the process of measuring the
properties or likely performance of products among a target audience. While a great product can recover from a less
than stellar launch, an impressive launch can’t save a product that nobody wants to buy. By asking for audience
feedback on your product concepts before moving forward with a launch, you can identify successful product ideas
right off the bat. This ensures that you commit money and resources to the right projects.
4. Competitive analysis: This involves analyzing the
strengths and weaknesses of competitors' products,
pricing strategies, and marketing tactics.
What is a competitor analysis?
A competitor analysis, also referred to as a competitive analysis, is the process
of identifying competitors in your industry and researching their different
marketing strategies. You can use this information as a point of comparison to
identify your company’s strengths and weaknesses relative to each competitor.
You can do a competitor analysis at a high level, or you can dive into one
specific aspect of your competitors’ businesses. This article will focus on how to
conduct a general competitive analysis, but you’ll want to tailor this process to
match the needs and goals of your business.
Why do a competitor analysis?
More often than not, small business owners find themselves juggling many tasks
at once. Even amid a busy schedule, though, it’s worth taking the time to do a
competitor analysis.
Overall, product research is a critical component of
product development and marketing. With the right
data and insights, companies can create more
successful products that meet the needs and
expectations of their target customers.
The data collected during product research is used to inform product design,
pricing, positioning, and promotion strategies. Companies can use this data to
make informed decisions about where to invest their resources and how to allocate
their budget effectively.
Finally, product research provides companies with valuable insights into customer
expectations and preferences. This allows them to tailor their products and
marketing messages to specific target audiences, improving the chances of
success in the marketplace.
Thank you