Product research let you understand what customers really want, allowing you to tailor your product offering to meet their needs and giving you a real competitive edge.
Concept testing for new products can be very challenging – the way people react to new products in theory can be very different from the reality. Customers may say they like a new idea, but in reality show reluctance to switch to new products or decide that it is not worth the price.
- Achieve product superiority over competitive products.
- Continuously improve product performance and customer satisfaction (i.e., to maintain product superiority, especially as consumer tastes evolve over time).
- Monitor the potential threat levels posed by competitive products to understand competitive strengths and weaknesses.
- Cost-reduce product formulations and/or processing methods, while maintaining product superiority.
- Measure the effects of aging upon product quality (shelf-life studies).
- Implicitly measure the effects of price, brand name, or packaging upon perceived product performance/quality.
- Provide guidance to research and development in creating new products or upgrading existing products.
- Monitor product quality from different factories, through different channels of distribution, and from year to year.
- Predict consumer acceptance of new products.