How to do Product Research | Effective product research for amazon
Product research for amazon is the marketing research that provides information on the desired characteristics of a product or service. It helps companies to understand what the customers really want so that the product can be tailored to match the needs of the customer.
Therefore, it is a very important activity in new product development. It can be carried out at several stages of new product development. Due to initial stages, it can be carried out to identify and screen new ideas. This testing will help reduce costs by avoiding product development costs in the discarded ideas.
Furthermore, in stages of product development, It can help companies to identify which features are important and hence retain them and which features can be discarded. A newly developed product is also tested with customers, to identify any changes to be made to packaging etc. Once the product is launched, consumer satisfaction with the product is tested. Most common techniques used in product research include focus group discussions, interviews and surveys.
Importance
- For amazon helps to explain the features of the product.
- It helps to simplify the product line.
- It enables a manufacturer to develop new products with good market demand in the existing product line.
- it brings the best sales returns.
However, market research has various disadvantages for new product development.
- Cost. Conducting market research for a new product can be costly.
- Inaccurate Information. A biased population or poorly formulated research can result in false or inaccurate feedback.
- Time Constraint.
- Constantly Changing Markets.
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