How product service is beneficial to enhance your business?

For any organization, the biggest challenge is making the right product available to the right customers. The challenge increases manifold when similar type of services and products are provided by many other companies. To conquer this challenge, companies have to tailor the products and services in such a way that the expectations of the customers are met with. For that purpose, they do research on the product before introducing it into the market. However one can say that market position of any product depends upon the sales data, but it does not reflect the actual picture many times. Thus identifying the needs of the customers remains a big challenge for the companies.

To identify the needs of the market, companies do research by various other means like surveying through internet, telephone, personal interviews or by launching the trial or sample version of any product or service before finally launching it into the market. There are various connected modules associated with a good product research which range from reading about the product history to launching the sample of the product and then actually deciding about the fate of the product.

Some common modules include:-

• Studying about the product or service to be launched.
• Exploring previous examples( not required for a completely new product)
• Preparing the prototype of the product
• Contacting potential customers
• Conducting surveys
• Final decision

Reaching the final decision depends upon the response of the sample product that usually some hired customers give to the company. A careful study of the market response is necessary for reaching the final decision. Therefore it is necessary for the company to conduct the market research for the product.

But the question is, who does the responsible task of product research?

Before actually launching any product or service, the research plays an important role in identifying the need of the product in the market. With the advent of internet, the targeted customer base has increased manifold. Now companies do not want to limit themselves to boundaries of states or even countries. For reaching the farthest customer, they outsource the task of conducting the product research to specialized firms, which themselves is part of a big business empire. There are various companies, mostly internet based though, who do research for the third party products. These companies research product on various modules like, design, to suggest further improvement in it, price of the product ,for suggesting price increase or decrease, market response of existing competitors ,so that future of the product can be decided etc.

No company would like to launch its services and products before knowing its fate. Technologies have made it possible for the organizations to predict the future of their product beforehand. Competition is so fierce that if the business does not conduct research, it may give advantage to other businesses. Therefore to get competitive advantage over other companies and for reaching the final fruitful decision, product research has to be made part of business development process.