New Product’s Potential Estimation
The story of business firms
The firm has the plan to develop a new product, but the new product’s potential is limited to preliminary assessment and the firm is not sure whether the new products will be welcomed by customers. The company has tried to implement sales plans and has obtained certain positive signals, so they are looking to deploy sales and marketing activities on a broader scale.
The problem of business firms
Determining the potential of new products is an important stage in the process of bringing products to the market, which allows enterprises to access markets quickly, efficiently and cost-effectively. Without evaluating the potential of new products before selling to the market, firms may encounter problems such as:
+ Products do not meet the customer preference
+ Packaging, price is not appealing to customers
+ Marketing campaign is not effective due to wrong customer segmentation
With extensive experience in market research and analysis, VietAnalytics helps enterprises to identify potential market segments, set reasonable price policies and examize customer preference customer tastes for new products.
Step 1: Analyze sector prospects
VietAnalytics evaluates the development prospects for new products by evaluating the industry trend, including:
– Consumer trends
– Product development trends
– Trends of the other businesses’ development in the industry.
Step 2: Customer Needs Assessment
VietAnalytics assesses the customer needs for the new products, by means of large-scale surveys, blind surveys to assess customer preferences (design, product features, distribution channels, willing-to-pay price …).
Step 3: Evaluate the potential of new products
Based on the trend of product development and the demand outlook of the firms’ products, VietAnalytics will evaluate the potential for new products and propose specific product development strategies.