WHEN PRODUCT RESEARCH IS NECESSARY?
(1) Introduction of new product/modifications in the existing product: Product research is necessary when company develops a new-product or desires to introduce an existing product with suitable modifications as per the requirements of consumers.
Here, the objective is to raise the popularity of existing products and to reduce the new product failure rate through extensive research and testing of a new product before its introduction in the market.
Product testing is a valuable tool in marketing research.
Such testing is before launching a new product in the market. Such product testing includes technical testing and consumer testing.
(2) Introduction of new product by competitor: Product research is necessary when a competitor introduces a new product or improved version of the existing one in the market.
(1) Introduction of new product/modifications in the existing product: Product research is necessary when company develops a new-product or desires to introduce an existing product with suitable modifications as per the requirements of consumers.
Here, the objective is to raise the popularity of existing products and to reduce the new product failure rate through extensive research and testing of a new product before its introduction in the market.
Product testing is a valuable tool in marketing research.
Such testing is before launching a new product in the market. Such product testing includes technical testing and consumer testing.
(2) Introduction of new product by competitor: Product research is necessary when a competitor introduces a new product or improved version of the existing one in the market.