Before developing a new product concept, it is essential at the initial stage of its creation to identify potential customers, study and consider their needs and expectations. This process is critical for identifying risks associated with the product at an early stage and planning appropriate measures to prevent or minimize them.
Our goal is to provide our partners with an accurate assessment of the proposed product through a systematic approach. This includes demonstrating its strong, unique, and competitive features, as well as pointing out weaknesses and shortcomings. Additionally, we plan and implement measures that will ensure the product’s long-term success in the market.
Preliminary evaluation (testing) of a new product gives our partners the opportunity to promptly and accurately determine the action plan and necessary measures.
Before launching a new product on the market, it is important to thoroughly study its name, packaging, and other features that may create an emotional connection with and influence consumers. Taking into account the attitudes and perceptions of potential customers serves as the basis for identifying and preventing certain risks.
The purpose of observing, studying, and testing the specified product features is to provide our partners with essential information needed at the early stages of product implementation. This knowledge will serve as the foundation for the product’s success.
Defining the product idea and its key characteristics is the cornerstone for building a highly consumer-oriented and effective strategy, which is essential for business success.
The creation and market establishment of a new product require significant financial and human resources. Therefore, it is crucial for the manufacturer to understand how potential customers perceive the product’s organoleptic properties (taste, smell, appearance, tactile sensations). For example, what flavor profiles they prefer, what visual elements – color, shape, texture – are appealing. Ignoring these factors can cause substantial business losses.
By studying the organoleptic characteristics of a product, we help manufacturers see and evaluate their product through the eyes of the target audience, work on trial versions, and identify the best among them.
Research results allow:
- selecting the best option among trial product samples;
- reducing identified risks and costs associated with the product;
- gaining more confidence when offering the new product to consumers.
To assess the consumer potential of a product and ensure its successful market positioning, it is essential to understand the prioritization of its features – which of them play a leading, stimulating role for potential clients. This is crucial for shaping the final version of the product.
Understanding each feature as part of the whole is necessary to determine the value of each qualitative component. This enables modification and optimization of the product while maximizing consideration of potential customers’ interests.
Such analysis allows the manufacturer to accurately determine which product features are critically important or which combination may be more appealing and acceptable to consumers. This knowledge gives the manufacturer greater confidence and decisiveness when selecting the final version of the product.
The price of a product is directly related to its market position and demand. Consequently, timely and accurate price determination is vital for business. In the pricing process, in addition to production costs, it is essential to consider consumer preferences and demand for the product.
Monitoring price changes and determining the range of these changes provides insight into the product’s demand.
Price elasticity of demand measures the extent to which the demand for a product depends on changes in its price. Elasticity means that even a slight price change results in significant changes in the quantity demanded. If a price change only slightly affects the sales volume, the demand is inelastic. The primary factor influencing supply elasticity is the time required for the manufacturer to respond to price reductions or increases.
Conducting such research allows companies to predefine an acceptable pricing range and have the most accurate expectations regarding the relationship between price and demand.