CHAPTER 5.1 | MARKETING RESEARCH TECHNIQUES FOR PRODUCT AND DEVELOPMENT | AN INTRODUCTION

CHAPTER 5.1 | MARKETING RESEARCH TECHNIQUES FOR PRODUCT AND DEVELOPMENT | AN INTRODUCTION

By doing market research, a company can gauge what new goods and services can pull in the most profit. Marketing research will inform businesses with goods and services currently available whether they fulfill the needs, wants and demands of their customer and their geographical market. Through exploring responses to particular concerns, business owners will discover what they need to alter or adjust in product or package design, even explore providing new services. Is there a need for new product or service? What modifications are made to a product or service to yield the highest levels of customer satisfaction? To what extent will the shift in customer’s needs, wants and demands affect the products and/or services offered? If the product/service offered is something special where there are few available industry figures or even a fully unbiased analysis. Every solid proof that a product or service's demand or competition exists helps sell the latest concepts. This chapter reflects on the studies of various markets in order to create or develop a product or service that can meet customer needs, wants and demands.

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