Which kind of research is used for market analysis for new launch of product?

Answer 1

Both primary and secondary market research are necessary. Releasing a new product is often a very expensive endeavor and, since research is relatively cheap, as much research as possible should be done.

Some market research examples:

• Preparing and distributing a survey about the product to potential customers
• Examining trade statistics (if the product is to be sold internationally) to judge interest in the product
• Reviewing competing offerings (competitor's products) and see what has worked and not worked for them
• Reviewing historical sales data for similar products to determine growth potential in the industry
• Checking Demographics data and seeing if there is a sudden change in the population distribution (for example, in America the size of the retired population is starting to ramp up as the baby boomer generation ages)