Market Research in Product Innovation Summary
Market Research includes all activities that increase knowledge about customers and markets to increase the likelihood of product success. It can occur as a continuous activity to measure a market’s pulse, to predict the magnitude of competitive moves, or to anticipate trends. Additionally, market research can occur as a series of projects to support a specific initiative.
Market Research uses scientific practices that use qualitative (customer interviews, focus groups, ethnography, etc) and quantitative methods (surveys, statistical data analysis, etc.)
Prior to ideation, market research informs which customer needs a new concept should address. After ideation, market research provides feedback about the concept itself along with specific commercial insights (SKU mix, volume estimates, pricing, etc.)
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