A new B2B International white paper – Using Market Research For Product Development – is now available online.
In it, Julia Cupman assesses the importance of product development to a company’s growth prospects, focusing in particular on the vital role(s) that market research plays throughout all the different stages of the product life cycle, from initial concept through to product maturity. Product development research serves a host of purposes, such as establishing (unmet) needs, estimating likely demand, setting prices, shaping the specification of the product or determining optimal price points, to give but a few examples.
Of course, product development research does not just examine the product alone; packaging, advertising, pricing, service, brand and company reputation are some of the other factors which together make up the complete customer value proposition. Indeed, improvements to packaging, delivery, or any aspect of service support could have just as big an impact as improvements to the physical product itself.
Whether establishing potential opportunities for brand new products or trying to breathe life into a former favorite seemingly on its last legs, market research provides insight into the needs of the market, and reduces the risk associated with any form of product development.
To read the white paper in full, please click here
For further details on B2B International’s product development research services, please click here