WASHINGTON and NEW YORK and LONDON, Aug. 7, 2014 /PRNewswire-USNewswire/ -- As a leading provider of market research solutions, MarketResearch.com serves as an industry thought leader by providing insights into market research best practices via the MarketResearch.com Blog. In a recent post, MarketResearch.com discusses how organizations can adjust their market research strategy for each stage of the product life cycle in order to more effectively market their product or services.
For further information about using market research during each stage of the product life cycle, visit http://hubs.ly/y03HFj0.
The product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline. According to MarketResearch.com's blog post, when introducing a new product to market, you need market research to help make the decisions surrounding where your product will go and how it will get there; who is going to buy it; how much you are going to charge for it; and, most importantly, if anyone is going to want to purchase your product at all.
During the Growth stage, organizations will need to begin asking new questions in order to expand as well as examine new competitors, new potential markets and any changes in brand image. Once your product hits maturity, your momentum will either climax or plateau. In order to help push your product to reach further success, you should focus your research efforts on competitive intelligence in hopes of acquiring some of their customer base.
As your product or service begins to decline from the height of its success, your organization should assess a plan to pivot your product or business strategy. Determining what changes may positively impact your sales and analyzing your customers' sensitivity to change will help with the potential to revamp revenue.
For more in-depth information on the use of market research during each individual stage, visit the following blog posts:
- Introduction: http://hubs.ly/y03HNt0
- Growth: http://hubs.ly/y03HNK0
- Maturity: http://hubs.ly/y03HPl0
- Decline: http://hubs.ly/y03HPF0
MarketResearch.com is the leading provider of global market intelligence products and services. With research reports from more than 720 top consulting and advisory firms, MarketResearch.com offers instant online access to the world's most extensive database of expert insights on global industries, companies, products, and trends. Moreover, MarketResearch.com's Research Specialists have in-depth knowledge of the publishers and the various types of reports in their respective industries and are ready to provide research assistance. For more information, call Ashlan Bonnell at 240.747.3008 or visit www.MarketResearch.com.