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As much research as may be required, depending on the target market and intended reach of the product; extent of research will also depend on whether or not similar products exist (alternatives) in the market.
If a new product is being introduced into the market, then extensive research, using available media to reach the target customers, say by administering objective and subjective type questionnaires on target customers to know preferences with regards to the marketing mix (Ps of Marketing).
Where similar products are already in the market, then research type will involve in-depth understanding of ways to innovate to make your version of the product appealing to the target market. A one on one discussion with potential users will give indicators as to the unique selling points that may be provided by your version in order to ease market penetration.
1. Define the problem.
2. Build your research plan
3. Collect relevant data and information.
4. Analyse data and document findings.
5. Execute.
If you want to hit the eye of the bull and are targetting to make a product for a very niche segment, then it will require and extensive market research.
It the product is already in the market and u r looking for improvisation of the product to meet customer need, then one should go for one-to-one discussion with the end customer / channel partner or any other party with the product. These one-to-one discussion will give you insights of improving the product and develop it in a very focussed manner.
In case, a new product need to be developed, then questionnare , both objective and subjective, need to filled in with the target customer to get 1st hand understanding for the requirement of the product. These questions should cover the specification, features, pricing, availability, packaging, promotion for the product.
For the research planning process, one should be very clear of the target customer. Once the target customer is defined, then its behaviour, demography, personality traits etc should be considered to devise the research method.
You need to have a clear understanding of the Market trends ie Where it was where it is now and Where it will be.
After that you should have insight into what your competitors are doing to advance in the market
Based on Competitor information and the market trend you can evaluate what are your shortcomings that you need to overcome to get ahead of your competition and what you can offer to address your targeted customers pain points.
First of all we should assess the need of the customer. Advertisemnt plays a major role customer focussed prodcut. The improvemnet over the existing options should be analysed and communicated.
First of all we have to know customer need about product & after that customer satisfaction over that product which we offer him. For all this we have to plan about want need as well as also levels of that area people where we are going to market our product. All these steos can fruitful to plan for delivering products into market.
The very important thing is much research should be made to sense the customer response & demand to the product. To do this, assessing other organization's experience & refering literatures is good steps to start.
Extensive research is required for making any successful customer focused product. The basic 4 P's of Marketing Product, Price, Place & Promotion all plays very important role. Understanding the Product competition, the price positioning with competition is very crucial so that the product can be positioned well. Along with that understanding the target customer profile and developing communication strategies (keeping in mind the budget available at your disposal) on how to reach the target customers is also crucial. All this requires extensive market research.
i will applying basically our product price, promotion highlight,.new arrival items,merchandising etc.
The research should be more focused on the complete package rather than the product only. That means we should think as a complete solution provider that gives our customer the comfort for the coming years. In today's changing world it is very important that we should always work with a futuristic vision and be prepared for it.
In established categories, normally "in-depth secondary research" and "direct sales / channel research" would provide insights. In new categories " Google KW research" and appropriate " primary research" of TG will be right
Detailed research is required about the behaviour and buying pattern of the Product. However the research has to be quick and focused.
