Market Research for a New Product Market Research
You should examine the potential consumers’ needs, wants, and expectations from this type of product.
In order to complete this part you may:
Find information on your product and its potential competitors (e.g., market research reports, media stories, market response in other countries).
Go on social media and discussion boards to read consumers’ comments about the product and competitors’ products (e.g., what consumers like and dislike).
Research your target market’s values and needs conclude what consumers may expect from the product based on such general values and needs. Organizations often depend on new product development to stay competitive within an industry.
