Product Development market research, when conducted and used correctly, can reduce the risk of product failure. Using qualitative market research techniques, you can gain insights directly from consumers on:
The main areas of Product Development research usually covers new concept testing, additions to existing product lines and modifications to existing product lines.
Determining what price consumers are willing to pay for your products and services can be one of the most challenging areas of your business. Charging the right price is important as it ensures that you remain competitive in your market while achieving your business outcomes. Pricing studies use qualitative and quantitate market research methods to understand what consumers are willing to pay for your products, services, or events. Using the Van Westendorp price sensitivity monitor, a set of specially designed questions are posed to consumers and used to evaluate the price-value relationship for a particular product, service, or event.
Economic Impact Evaluation identifies the economic contributions of a specific event in a particular area. Generally, this type of research measures changes in revenue/income, profits, wages and/or jobs as a result of the specified event.
The purpose of Feasibility Studies is to identify the strengths and weaknesses of a proposed project, product, service or other venture, prior to launching. Feasibility studies generally look at the opportunities and threats in the market or environment, resources required and the associated costs and benefits to be obtained. Ultimately, feasibility studies aim to set out the likelihood of the proposed project’s success. Market Research is one of the most important aspects of feasibility studies. By using a mix of qualitative and quantitative market research methods, it can be ascertained whether or not a market exists for the proposed project, product, service or other venture. Without a market, the chances of success are unlikely.
‘Catchment Area’ is defined as the area from which a business attracts consumers to use its products and services. Trade Catchment Analysis endeavors to provide businesses with a better understanding of the area that they plan to serve or are already serving. Market research is conducted using both qualitative and quantitative methods to gain insights into the demographics, needs, wants, media consumption patterns, competitor perception, assets owned, possible gaps in the market and household income of the catchment area population. Trade Catchment Analysis data allows for informed business decisions and targeted marketing and communication strategies.