How to Conduct Product Research
Product research is conducted when a product is in the research and development stage as well as throughout the product life cycle. It combines user research and market research to help businesses understand what types of products people would like to buy. It also helps businesses create a marketing plan.
User research, according to The Next Web, is used to qualify the market segment you plan to pursue in your marketing efforts. It helps you identify your target market so you can develop a greater understanding of what your customers want. It goes beyond demographic information, however, because you use surveys and interviews to get a response from customers. This type of research opens a line of communication from your business to your intended customers, and it makes customers feel valued when you are responsive to their concerns about your product.
Include Both Primary and Secondary Research
Primary research is the information seeking your company does for itself, such as asking customers to respond to surveys about their interests and in regard to opinions of your product. Secondary research uses information collected by other sources to help build a sense of your target market. Secondary research relies heavily on demographic information, according to Entrepreneur. Secondary research should ideally be used as a point to begin your own primary research. Put together a general overview of your target market to identify where users of your product can be reached. Then, begin asking the people identified about their experiences with your product or with similar products if yours is still in development.
Be Aware of the Difference Between Desirable and Profitable
An example of the difference between desirable and profitable would be a product that people want and would be excited to have, but it would cost too much to make, and people would balk at the price point you have to sell at to make a profit. User research is the product research aspect you use to uncover this information. To do it, you ask customers how they use similar products produced by your competitors and how they use your product if it’s one that’s already in the marketplace. If it isn’t in the marketplace yet, you can ask customers how they would like to use your product and what features are missing from similar products so you can incorporate some of the ideas into your product offering.
Generate a Market Segmentation Report
As part of your market research, divide your target market into segments. Note shared characteristics as well as unique ones that separate segments from one another. Segmenting your customers before conducting surveys helps you determine which features matter most to the market segments with the ability and willingness to pay for the desired features.
Include Both Qualitative and Quantitative Data in Results
Identifying the features your customers are willing to pay for is the value-generating difference between quantitative and qualitative information. It helps you draw a line between features that would be nice and those that are likely to increase profits for your company.
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Business Model Research: A Bibliometric Analysis of Origins and Trends
- Raphaël Maucuer ESSCA School of Management, France
- Alexandre Renaud EM Normandie, France
The business model (BM) concept has become a major area of interest in Management literature, leading to the publication of a host of literature reviews and essays aimed at synthesizing and interpreting the development of BM research. Yet these general analyses have largely neglected the specificities of the two main disciplines in which the BM concept is anchored: Strategic Management and Innovation & Entrepreneurship. Accordingly, this article seeks to explore the intellectual roots and current trends of these disciplines to refine our understanding of the development of the BM literature. We draw on a mixed bibliometric analysis based on two samples of, respectively, 208 and 345 articles published in Strategic Management and Innovation & Entrepreneurship. This analysis enables us to compare the theoretical pillars (co-citation analysis) and research fronts (bibliographic coupling analysis) of BM research in these two foundational disciplines. Our results suggest a certain homogeneity within both the theoretical pillars of the disciplines and the incremental diversification of their research fronts. In light of these findings, we consider the future of the BM literature and accordingly propose a twofold developmental strategy for it.
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Copyright (c) 2019 Raphaël Maucuer, Alexandre Renaud
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License .
Authors retain copyright of their work, with first publication rights granted to the AIMS.
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Published with the support of the CNRS Institute for Humanities and Social Sciences (InSHS), 2023-2024
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