Research and development is pivotal to the success of any business. Market research must be conducted throughout the duration of the business’ existence. This research must be continuously analyzed, and the results must influence the direction the business is taking. Product development flows directly from the stream of market research. Market research reveals which products potential consumers value in the market.
Market research must be conducted throughout the entire business process. Upon the conception of the venture, thorough market research much be done to measure interest in prospective products from different sectors of the market. There are a lot of ideas that can be very profitable but your team is a limited source of ideation, so it is essential to just sit down with possible future customers and see what their response is. Note that the idea of actually sitting down and talking to the market was introduced. This notion is a key to a successful business. As much as online surveys are useful for several things, the process of sitting down with a segment of your market is useful because you can ask follow up questions and get full feedback that the impersonal world of the World Wide Web prohibits in several manners.
In addition to that, a feedback loop is necessary to ensure success in your business. This feedback loop (do not think of ModCon) will be the ongoing process of working with market to understand what they want and trying to see if the products you have satisfies the desires of the market. By fine-tuning these two things, the perfect product for the market can be created so that you can have the best chances of success in the market that you are trying to sell in.
Also, remember that products are not simply limited to just physical products but can also include events and packages with your product. For the SofTee team, this meant that we could recognize the desire for shirt decorating and stuffing events by preschools. Without this realization, we would have missed out on one of our largest sales, but because we listened to what the markets were saying about the product and how they would like it presented to them, we were able to modify our product to satisfy their desires.
Another thing to note is that if you add another product, like we did with the shirt bags, it is necessary to make sure that you do it early on. For this and for capsim, my team set released the second product too late in the game to be able to profit as much as we could from the very cool product.
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