Asked by: Huifen Pyslar
business and finance marketing and advertising

What is product specific research?

Last Updated: 11th May, 2021

Product Specific Research. Involves identifying key product characteristics that become selling points. Sells the benefit that the product provides. Consumer-Oriented Research. Assists marketers in identifying the context of a product's use (anthropological approach, Sociological analysis, and psychological approach)

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Considering this, what are research products?

Product research is like a background check for a new product idea. The research process includes checking on similar offerings already in existence and estimating the selling potential of the proposed new product.

Beside above, why is product research important? Product research provides information on the specific and required characteristics of a service or a product. It helps companies to understand the needs of the customers in a much better way so that the required product can be tailored appropriately. This research can also help in filtering new ideas for the products.

Likewise, people ask, what is product study?

Product research is the marketing research that provides information on the desired characteristics of a product or service. Product research helps companies to understand what the customers really want, so that the product can be tailored to match the needs of the customer.

How do you research a new product?

Let's consider these steps of market research before launching a new product in more detail.

  1. Know your market — and your competitors.
  2. Target your customer.
  3. Devise your Unique Value Proposition.
  4. Determine your marketing strategy.
  5. Test your product and overall approach.
  6. Roll out your marketing campaign.

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What is quantitative research design?

Quantitative research design relates to the design of a research project which uses quantitative research methods. Quantitative projects involve large sample sizes, concentrating on the quantity of responses, as opposed to gaining the more focused or emotional insight that is the aim of qualitative research.

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What is an example of market research?

Market Research Examples with Types and Methods:
Quantitative and Qualitative market research types and methods such as surveys, focus groups, online interviews and phone surveys have become extremely popular and the latest addition to this category is social media market research.

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What is new product research?

Product research is a vital part of new product development. At every stage of the process, research can help you identify key issues and avoid expensive mistakes. Initial product research can be used to evaluate new ideas.

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How do you do market research?

Critical Role of Market Research
  1. Identify opportunities to serve various groups of customers.
  2. Examine the size of the market – how many people have the unmet need.
  3. Determine the best methods to meet the unmet needs of the target markets.
  4. Investigate the competition.
  5. Clarify your unique value proposition.

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What are the types of research methods?

Most frequently used methods include:
  • Observation / Participant Observation.
  • Surveys.
  • Interviews.
  • Focus Groups.
  • Experiments.
  • Secondary Data Analysis / Archival Study.
  • Mixed Methods (combination of some of the above)

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What defines a product?

Definition: A product is the item offered for sale. A product can be a service or an item. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted.

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What is product development research?

Product Development Research. Product research helps you test and refine your concepts to transform them into successful products and services that buyers want and are willing to pay for.

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What is price research?

Pricing research is a research method which uses research techniques geared towards measuring the impact of change in prices to the demand of any product and also to determine the optimal price for new products. Pricing research is quantitative in nature.

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What is importance of product?

Product is the centre of all marketing activities, Without a product, marketing cannot even be imaged. Good products are the key to market success. Product decisions are taken first by the marketers and these decisions are the centre to all other marketing decisions, such as price, promotion, distribution etc.

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How are products developed?

Product development typically refers to all of the stages involved in bringing a product from concept or idea, through market release and beyond. In other words, product development incorporates a product's entire journey, including: Identifying a market need. Developing a minimum viable product (MVP)

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What is Product Life Cycle Research?

Using Market Research During Each Product Life Cycle Stage. There are four main stages of the product life cycle: introduction, growth, maturity, and decline. Each stage of a product's life cycle will require different forms of market research to most effectively market your product in the industry.

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What is the scope of marketing research?

Scope of Marketing Research:
The scope of marketing research stretches from the identification of consumer wants and needs to the evaluation of consumer satisfaction. It comprises of research relating to consumers, products, sales, distribution, advertising, pricing and sales forecasting.

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What are the reasons for marketing research?

7 reasons why you should be conducting your own market research
  • Identify potential new customers.
  • Understand your existing customers by market research.
  • Set realistic targets for your business.
  • Develop new, effective strategies by understanding your market.
  • Solve your biggest business challenges.
  • Prepare for possible business expansion by getting the right data.

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What is the first step in the marketing research process?

The first step in any marketing research study is to define the problem, while taking into account the purpose of the study, the relevant background information, what information is needed, and how it will be used in decision making.

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Why business research is needed?

Business Research helps you communicate with current and potential customers in a better way. It helps you identify opportunities and threats in the marketplace. It helps you minimize risks. Business research is used to plan investments and financial outcomes effectively.

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Who uses marketing research?

Who uses research? In addition to business manufacturers of consumer and industrial goods, users of marketing and opinion research reside in government agencies, political parties, hospitals, non-profit and religious groups, academia, the legal profession, and the media.

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What is primary research in business?

Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and gather information. Examples of primary research are: Interviews (telephone or face-to-face)

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Who are your customers?

Who is your target customer. When asked who is your customer, the usual answer is often that they serve many customers. This includes internal and external customers, distributors, buyers, influencers, employees, and so on. Calling them all “customers” is common and even acceptable.