What are the main components of Product Research?

1. Product Modification

It includes changes in product so that product will become more useful and attractive to consumers and will get good market demand. It means any substantial change to the characteristics of a company’s current product size, shape, colour design, price, etc. to make it more appealing to the customer e.g. Automatic heat control system enhances safety value of an electric iron. The product modification is done for the purpose of

  1. Improving quality, durability and reliability.
  2. Enhancing consumer appeal.
  3. Upgrading the product and extend its life span
  4. Facing competition effectively.
  5. Differentiating product in the market.

2. Product Innovation

It includes innovating new features in the existing product. It means “anything which is new to the business and its product range is called as innovation even if similar products are available elsewhere”. It includes the following:

  1. Improvement in technical specifications, components and materials used, improved version of engine for more fuel efficiency or improved performance of the product compared to existing.
  2. The product must be new it means its new features are not currently available in similar product.
  3. The product is already in use but now it is put to new use.

3. Package Research

Packages, label and brand policies have interrelation. Packages must be as per products design and features of product. The labels and brand should be as per packages. Packaging research is an important and expanding branch of product research. It is basically deals with all aspects of packaging like selection of packing material, selection of suitable size of the container, proper use and disposal of packing material etc.

4. Brand and Trademark

Brand and trademark gives identity to our product so that our product can be differentiated from competitors’ product. So proper research should be made to fix brand name and trademark. Branding provides a separate identity and enables the consumer to differentiate the company’s product vis-a-vis competing brand. The objectives of brand and trademark research are:

  1. To select suitable brand name and trade mark.
  2. To study brand positioning.
  3. To find out brand awareness and brand loyalty
  4. To study and evaluate the performance of competing brand vis- a-vis company’s own product.
  5. To design and develop trademark and brand name for export market.

5. Product Mix Research

A product mix may be defined as the set of products that are offered by a manufacturer for sale. Product Mix Research is undertaken to decide about the total number of items in the product mix if different products are offered like — tooth paste, hair oil, etc and varieties of each product for e.g. Close-Up toothpaste is available in red and blue colour.

6. Product Positioning

Product positioning is a marketing strategy of placing a product psychologically in the minds of consumers. It is a process of creating an image or position of the product in the consumer’s mind e.g. BMW and Mercedes Benz cars are positioned as luxury cars. Product positioning indicates how the company wants its prospective buyer to perceive or accept the product.

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