🔍Market research is essential for understanding the target market and placing the product correctly.
💡Product development involves the process of transforming a concept into a design.
📈Market benchmarking activities help determine the right market and price for the product.
🎯Placing the product in the right market for the right price is crucial for success.
🎨Understanding the target audience is important for developing a product that meets their needs.
Why is market research important?
—Market research helps understand the target market and ensures the product is placed correctly.
What is product development?
—Product development is the process of transforming a concept into a design.
What are market benchmarking activities?
—Market benchmarking activities help determine the right market and price for the product.
Why is it important to place the product in the right market for the right price?
—Placing the product in the right market for the right price is crucial for its success.
Why is understanding the target audience important?
—Understanding the target audience helps develop a product that meets their needs.
00:13Introduction to the importance of market research and product development.
01:54Detailed market research is necessary, including market benchmarking activities.
02:12Choosing the right location for production is a crucial aspect.
05:37Elaboration on the importance of market research for launching a product.
05:55Explanation of product development from concept to design.
06:00Importance of understanding the chosen product and target audience.
