MANAGEMENT

Detailed explanation-1: -Market research for new product development can focus on different areas. You can research market viability, the demand for the product you have in mind, the features your target group is looking for, or the best way to position, price, communicate and market your product to your target audience.

Detailed explanation-2: -Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.

Detailed explanation-3: -Whether or not you have names under consideration, qualitative research will help you create or narrow your list. The purpose of using qualitative research initially in your study is to understand what name qualities and characteristics consumers value most and how they influence their purchasing decision(s).

Detailed explanation-4: -Market research is the process by which companies seek to collect data systematically to make better decisions. Still, its true value lies in the way in which all the data obtained is used to achieve a better knowledge of the market consumer.