How Do You Write Marketing Research On A New Product?
So you have a new product idea? Before you know what step to take next, you will definitely need to conduct some market research to determine how the market will respond to your idea. With this market research, you will then be able to make adjustments to your idea, product, or service so that it best suites the needs of your intended audience. Look at the product or service you are offering. You need to conduct research on the cost, the desirability from your target market, your competitors, and the market you intend to reach. Research the cost of the product or service. This concerns the cost to produce, the cost to distribute, the cost to update/repair/modify, as well as the cost you will have to charge the consumer in order for it to be viable. Keep this research on hand for use in your report. Research the target market. Determine the demographics of your target audience. Consider sex, age, race, economic status, marital status, etc. Once you have factored in all of these things,
