Answer to Question #155887 in Management for Prabhdeep

Question

Discuss the factors taken into account during product research?( please answer in 100 to 150 words)

Answer 1

When doing a product research, there are certain factors that need to be considered. These factors include competition from other companies producing a similar product. This is due to the fact that in the market there is so much competition because every individual and every company wants to be the best (Zikmund et al., 2013). Secondly, look at the consumer demand. Customers are very important to a company’s products. Once a company knows what their consumers need, then they will be in a position to produce a product that suits their target consumers in terms of the design and even the quality of that particular product in order for them not to produce the exact same thing as their competitor rather a better one.

References

Zikmund, W. G., Carr, J. C., & Griffin, M. (2013). Business Research Methods (Book Only). Cengage Learning.