Product research acts as an insurance against risk of obsolescence of existing products of the company.
In addition, product research is needed in order to develop new products which will have good demand over a long period.
In short, the following points suggest/justify the need of product research:
(1) To assist in the setting up of objectives towards which the research and development department will have to work in order to develop and bring out a new product in the market.
(2) To pinpoint the needs and wants of consumers which the proposed product is expected to satisfy.
(3) To estimate the sales potential of the new product
(4) To verify the benefits of the new product to the consumers.
(5) To find out the possible impact of the new competitive products on the sales potential of the existing product of the company.
(6) To test prototypes of the product.
(7) To predict the possible success or failure of the product once it is introduced in the market.
(8) To reduce the chances of product failure after its modification or after its entry in the new market and also to increase the possibilities of product success.
(9) To introduce consumer friendly products as consumer preferences are dynamic.
PR is needed on continuous basis for adjusting the products as per the needs/expectations of consumers. to introduce attractive package and brand name to the product for sales promotion
In addition, product research is needed in order to develop new products which will have good demand over a long period.
In short, the following points suggest/justify the need of product research:
(1) To assist in the setting up of objectives towards which the research and development department will have to work in order to develop and bring out a new product in the market.
(2) To pinpoint the needs and wants of consumers which the proposed product is expected to satisfy.
(3) To estimate the sales potential of the new product
(4) To verify the benefits of the new product to the consumers.
(5) To find out the possible impact of the new competitive products on the sales potential of the existing product of the company.
(6) To test prototypes of the product.
(7) To predict the possible success or failure of the product once it is introduced in the market.
(8) To reduce the chances of product failure after its modification or after its entry in the new market and also to increase the possibilities of product success.
(9) To introduce consumer friendly products as consumer preferences are dynamic.
PR is needed on continuous basis for adjusting the products as per the needs/expectations of consumers. to introduce attractive package and brand name to the product for sales promotion