What is market research in product development?

What are the benefits of market research for product development?

1. Minimizes business risks

2. Aids in launching the right products

3. Facilitates effective marketing

4. Provides a competitive edge

How to start a product development research?

1. Identify your goals

  • What do you hope to learn through your research?
  • What are your expectations for the research?
  • How are you planning to conduct the research?
  • To whom are you planning to conduct research and testing?

2. Make a decision on the research method

3. Find resources and partners for prototyping

4. Test out your prototype

Overview of four types of market research for product development

1. Exploratory research

2. Prototyping research

3. Product improvement research

4. Future potential research

Product development research methods

1. Surveys

2. Observation

3. Personal interviews

4. Focus groups

5. User testing

Wrapping up

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The Enterprise World Magazine

The Enterprise World Magazine

The Enterprise World, is a business magazine, a platform for all the master business minds to share their stories of success. https://www.theenterpriseworld.com