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Definition: Product research
Product research is marketing research that provides information about the desired characteristics of a product or service. Product research helps companies understand what customers really want, so the product can be tailored to customer needs. This research can help refine new product ideas.
Product research is a very important activity in new product development – it can be carried out in several stages of new product development. In the initial stages, product research can be conducted to identify and test new ideas. This testing will help reduce costs by avoiding the cost of product development in rejected ideas.
In the later stages of product development, product research can help companies identify which features are important and thus retain them and which features can be discarded. The newly developed product has also been tested with customers to identify any changes to the packaging, etc. After launching the product, customer satisfaction with the product is tested. The most common techniques used in product research include focus group discussions, interviews and surveys.
This concludes the definition of Product Research along with the review.
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