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