Answer: Consumer research for new product development is a process that helps companies understand their target audience’s needs, preferences, and behaviors. It is a crucial step in the product development cycle that can help companies identify potential risks and market opportunities1.
Consumer research guides the new product development process by helping to predict customer acceptance, preference share, and profitability. The process can focus on different areas such as market viability, demand for the product, features your target group is looking for, or the best way to position, price, communicate, and market your product to your target audience1.
Market research for new product development is all about identifying opportunities and finding out if it’s worth bringing your product idea to life. It’s about more than what the competition is doing and if your target audience would be willing to spend money on you. You can also dive into market trends to identify the best ways to market your product. You can use market research to fine-tune your product development and the relevant aspects around it.