Product research and testing before you begin your product or service development is critical and after you develop your invention, you need to conduct thorough product research and testing to find out:
1) What does your product invention or service provide or perform better than current products?
2) What similar products and patents are on the market?
3) Which are the best ways to develop, design and manufacture?
1) Does your product or service work – perform as intended?
2) What is the best price to maximize sales volume and profits?
3) Which are the best distribution channels and advertising vehicles?
This is product research and testing, and it is a vital step of new product invention development. Through every stage of your product development process you should conduct product research and testing, which will help you identify product issues and help avoid costly mistakes while making important product improvements.
The initial product research will help you evaluate your idea for a new product and service and see if there is a need for it and what it is that your potential customers are looking for. If your product or service already exists, product research will tell you whether the available options on the market are meeting the needs and expectations of existing customers. This way you can learn what you can do differently, to meet the needs and expectations but also to exceed and outdo the competition.
New product design and development is more often than not a crucial factor in the survival of a company. In an industry that is changing fast, firms must continually revise their design and range of products. This is necessary due to continuous technology change and development as well as the changing needs of customers and competition. Without an R&D program, a firm must rely on strategic product testing and product research alliances and networks.
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