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  1. To reduce the risk associated with new product launches
    • Before launching any kind of new product we need to know the potential demand for a new product or service. Market research is key in New Product Development (NPD). Most firms would also like to check the market condition before launching a new product.
  2. To predict future demand change
    • With market research you can prepare yourself by predicting the future demand changes. You can launch a new feature in your product or promote it in a certain way that interests the people.
  3. To explain patterns in sales of existing products and market trends
    • Market research is not only used for new products but it is also used for existing products. If one day the sales of your company has fallen you need to know the cause of it fast so you can fix it immediately.
  4. To assess the most favoured designs, flavours, styles, promotions and packages for a product
    • With market research you can find out the most favoured design and performance thus making you more focused. These can be incorporated into the final product.

Market research can be used to discover:

  • Market size and consumer tastes and trends
  • The product and its perceived strengths and weaknesses
  • The promotion used and its effectiveness
  • Competitors and their claimed unique selling propositions
  • Distribution methods most preferred by consumers
  • Consumers’ preferences for packaging of the product

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