This thought provoking statement about Product Development remains true to this date and will probably continue to remain so for decades to come. The life-cycle of products are becoming shorter day-by-day, as is very evident in the case of cell phones, automobiles and especially e-book conversion. This rapid technological revolution that has rendered the older products obsolete combined with the need to stay ahead of the competition has increased the importance of Product Research and the need to develop and introduce a new product in the market.
Product Research is a business and engineering term describing the complete process of bringing a product into the market. Besides that, it also plays a vital role in helping you understand the customer’s needs and requirements. Realizing the significance of Product Research in this Internet-savvy world which sees some technological innovation happening every other day, our Research Analysts have honed their research skills further to help you stay current with rapid technological changes and remain ahead of the competition in your industry.
Solutions offered by Vrush Technology for Product Research involve:
- Identifying the opinion of leading personalities in your field of work towards your product
- Rebuilding your brand and your product by letting us preparing a company profile or an industry report for you
- Comparing your products’ features and prices with that of your competitor to help you improve your product and its marketing strategy and stay ahead of your competitors
- Identifying the factors that influence a customer’s reaction and attitude towards your product
- Conducting intensive consumer research surveys to help identify the responsiveness and acceptance of your products in the market
- Convincing retailers to display your products in their stores
Through our Product Research Services, you can get a better idea of the various aspects that the customers look for in a particular product or service and this in turn will help you develop products that can best meet your customers’ requirements.
Process followed for Product Research:
- Obtaining ideas about the features that a product must have by conducting consumer research, market research and competitor analysis; this involves research methodologies like surveys, interviews, panel group discussions.
- Screening ideas obtained by analyzing if the introduction of the product would benefit the market and how profitable and technically feasible the introduction of the product is likely to be;
- Developing the concept for introduction of the product by conducting research to determine the target market, product’s benefits to the consumers and markets, consumer’s attitude towards the product and the costing involved in developing the product;
- Testing product acceptance in the market and amongst the consumers by conducting surveys through mail, telephone, online, questionnaires, interviews, focus and panel group discussions and conducting research on databases, lists and directories;
Benefits of outsourcing Product Research to Vrush Technology:
- Get information that helps in design products that meets the requirements of consumers;
- Get data that lets you stay current with the existing market trends and keep you ahead of the competition;
- Get data that is accurate, properly verified and current;
- Get data in a timely manner to ensure that introduction of your product in the market is not delayed in comparison to your competitor;
- Get the experience of working with Product Research Analysts who have executed multiple Product Research projects for innumerable clients with accuracy and let them make strategic business decisions;
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