Product Development Research

Product development research achieves it greatest utility as a true collaboration between the client and researchers. As outlined below, the process assumes a close and synergistic working relationship between a number of committed stakeholders:

Marketing and Engineering Details

What is the target market? Who makes the purchase decision? What features must the product incorporate? What benefits will the product provide? How will consumers react to the product? How will the product be produced cost effectively? Is the product feasible? What will it cost to produce the product?

Business Analysis

• Test the concept by asking a sample of prospective customers what they think.
• Estimate selling price based upon competition and customer feedback.
• Estimate sales volume based on the size of market.
• Estimate profitability and a breakeven point. 

Beta Testing and Market Testing

• Produce a physical prototype or mock-up.
• Test the product and packaging in usage situations.
• Conduct focus groups
• Introduce at a trade show.
• Make adjustments where necessary.
• Produce an initial run of the product and sell it in a test market area to determine customer acceptance.

 Call today to find out how iResearch can complement the efforts of your own internal product development team.