Identifying the best value product is now possible!!!
India is a country of diverse cultures and values and there is a great influence of their religion, culture on their day to day life. With such varied tastes and preferences, wide variations, it is a challenge to any marketer or product developer to create a product that appeals to a large section of the consumers.
Role of Market Research Consultant
This is where a market research partner can help companies - in conducting a series of tests from concept to prototype to product tests to create products that appeal to the market. Product testing can be carried out across all product categories like food items to financial products, for lowest investment product like toffees or highest investment product like cars/ homes.
Solution from Market Search India
Market Search India has a proprietary module of product evaluation studies which checks preferences of the target customers, help in focusing on their marketing and R&D efforts and zero in on one product from the options available.
There are different types of product tests like blind test where product is masked or blind folded test where respondent’s eyes are covered and they are not allowed to know branding of the product. This is mostly done for products where the brand or shape of the product can influence the responses. Typically, feedback of sample products is captured along with benchmark/ competitor products.
Product evaluation studies help in understanding the customer’s preferences, need gaps in the current market, which need gap the proposed product would fill and attract customers, price sensitivity of the customers and intent to buy proposed product at the proposed price or to know the most appropriate price. Apart from differential analysis which is used for comparing performances of two products, penalty analysis is also done which helps in understanding of product development/ modification required on key features/ attributes to perform better than benchmark product.
Market Search India has successfully carried out product tests for many product categories and brands. For example, for a Denmark based company which specializes in manufacturing of medicated chewing gums, we have carried out product testing for various products – dental gums, multivitamin gums, energy gums, NRT gums, etc. Apart from these products, Market Search India has carried out Product evaluation studies for a software for an IT company, photobook, new household products like protective cover for luggage bags, mini green house, portable Sports net, new flavour for Marie biscuits, new drug delivery system, UHT milk, etc.