sunandaC

New member
Product research is important as it offers the following advantages:
1. Product research helps to explain the features of the product.
2. It helps to simplify the product line.
3. It enables a manufacturer to develop new products with good market demand in the existing product line.
4. Product research brings best sales returns.
5. It widens market for the product and also creates goodwill for the product and its manufacturer.
6. It facilitates appropriate price fixation of the product. (7) Product research brings to the limelight the different uses of the product for effective publicity for sales promotion.
7. It facilitates modification and renovation of existing products so as to make them highly competitive and agreeable to consumers.
8. It enables a manufacturer to introduce attractive package and brand name to the product for sales promotion.
 
Advantages and importance are two different aspect . importance is used when without it you cannot carry on your process and advantage is pondering about what will be the advantage after implementing plan. Here are some advantage of Product research

  1. Cost Management Benefits
  2. Marketing Abilities
  3. Trend Matching
 
Product research is important as it offers the following advantages:
1. Product research helps to explain the features of the product.
2. It helps to simplify the product line.
3. It enables a manufacturer to develop new products with good market demand in the existing product line.
4. Product research brings best sales returns.
5. It widens market for the product and also creates goodwill for the product and its manufacturer.
6. It facilitates appropriate price fixation of the product. (7) Product research brings to the limelight the different uses of the product for effective publicity for sales promotion.
7. It facilitates modification and renovation of existing products so as to make them highly competitive and agreeable to consumers.
8. It enables a manufacturer to introduce attractive package and brand name to the product for sales promotion.

Hey sunanda, you have shared very nice information on product research as it is very important for any company. I am also adding a document which will give you more importance and benefits of product research for any organization.
 

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daviddacarte

New member
Product research is a process of develop a new product with special features. product research can help you identify key issues and avoid expensive mistakes. In this approach we have so many product research services are presented throughout world. Product research in the seance complete details about product like shape of product, Features of products, cost of the product, manufacture date and expiration date as well.
 

Himanshi Agarwal

Well-known member
Some questions a marketing officer should ask before engaging in product research are -
  • Does the product have a clear purpose that can be explained and marketed to consumers?
  • Does the product meet consumer needs?
  • What existing products will this product compete against?
  • Can this product’s use by consumers be measured?
  • Does the expected price of the product match its perceived benefits by consumers?
  • Does this product satisfy a need that other competitive products do not?
  • What ancillary challenges does this product present a solution for outside of its proposed utility?
  • Who are this product’s target consumers?
  • What is the likelihood of purchase by target consumers?
 
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