Why Market Research is required for product development?
B rands use market research in developing marketing strategies and identifying growth opportunities with it. Starting from the New product idea generation to its market launch, Market research plays a crucial role in product development. So come let’s discuss it in detail. What is Market Research? Market research allows a company to discover the target market and get opinions and other feedback from consumers about their interest in the product or service. With the help of Market research, we can monitor our performance in the market. Also, we can gather customer satisfaction feedback . Benefits of Market Research: New product development: From idea generation to concept development, all stages are vital in New Product Development, and understanding each stage thoroughly can determine the success rate of your product or service. Market research helps in making modifications in new product development. Identifying potential problems: Through Market research, you can collect feed