MARKET RESEARCH AND SURVEY

MARKET RESEARCH AND SURVEY

Businesses can use market research and survey to carry out feasibility test to evaluate the viability of new products, especially products in the idea and/or design phase. This way, companies can test the waters before investing significant resources in the development of new products. It can also be used to improve existing product designs and features to increase product attractiveness pre-launch.

It is also a viable data collection tool used to analyze the reach and market penetration of existing products. Businesses can check how well their existing products are doing in the market and feedback gotten from research can be used to improve, refine or modify existing products.