Product research areas

Product studies
Product studies are most commonly conducted in the course of new offer preparation. Conclusions that can be drawn from them may be helpful in adjusting existing concepts. They also constitute basis for taking strategically important decisions concerning, for example, the offer structure, positioning of particular product versions in comparison with the competition as well as marketing and sales strategies.
This type of research is used more and more commonly by companies when they strive to modify a product that is already available on the market. What should be taken into account in this case
are both, product features and their functionality as well as packaging, price and associated marketing activities. The overriding goal of such research projects is to determine how the current offer should be
modified to adjust it to the changing expectations of customers. It is of utmost importance in case of end-of-life products for which sale drops are recorded.
Example
One of the interesting projects conducted by PMR in the field of product research was a project dedicated to flooring systems. Using the concept of online community as well as research tools that were specifically developed for the purposes of this project, the PMR team managed to discover even those needs and expectations of customers which initially seemed unidentifiable but in the end turned out to be hidden in the realm of the unconscious. One of the key aspects considered in the course of offer preparation is price. It has to cover the costs of production, logistics and distribution and also bring a desired return on investment. Yet, from the customer perspective the price must primarily be attractive and offer good value for benefits that a given product provides. Customers evaluate
the purchase cost by taking into account a whole range of various factors – price as compared with competitors does not have to be the most important thing. Price tests help entrepreneurs to take a number of significant decisions concerning pricing. They indicate how much customers are ready to pay
for the offered product. They show how price elasticity of demand develops. They also facilitate price positioning of various versions of the same product. What is also important to remember is the fact that