Product research is applied throughout the entire product lifecycle—from idea generation and development to launch, optimization, repositioning, or discontinuation. It enables organizations to move away from assumptions and make decisions based on evidence, customer insights, and market realities.
At its core, product research answers critical questions about product–market fit, customer perception, and long-term competitiveness.
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SICA LLC
SICA LLC RESEARCH
SERVICES COMPANY
Our organization conducts professional-level research on Mongolian and international market structures, supply and demand, competition, consumer behavior, and products, helping you develop data-driven business strategies.
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Key Objectives of Product Research
The primary objective of product research is to reduce uncertainty and risk in business decision-making. Rather than focusing solely on whether customers “like” a product, product research provides a comprehensive view of market conditions, customer psychology, and competitive dynamics.
- Identify unmet customer needs and expectations
- Evaluate product strengths, weaknesses, and improvement opportunities
- Support data-driven product enhancement and innovation
- Inform pricing, positioning, and value propositions
- Assess brand perception, messaging, and packaging effectiveness
- Detect causes of declining sales and customer churn
Key Product Research Metrics
Product research relies on measurable indicators that reflect customer experience, perception, and competitiveness. These metrics allow organizations to benchmark performance and prioritize strategic improvements.
- Product Quality
Evaluates whether the product meets customer expectations in terms of reliability, durability, and functional performance.
- Price and Perceived Value
Measures how customers perceive the balance between price and benefits, including whether the product is seen as premium, affordable, or overpriced.
- Design and Aesthetics
Assesses visual appeal, packaging, usability, and alignment with brand identity.
- Ease of Use
Analyzes how intuitive and user-friendly the product is, including instructions, onboarding, and overall experience.
- Competitive Advantage
Identifies differentiating factors and clarifies why customers should choose the product over alternatives.
Product Development Research
Product development research is conducted before creating a new product or improving an existing one. It systematically evaluates market demand, customer needs, technological feasibility, and competitive conditions to ensure that product ideas are viable and scalable.
This research guides strategic decisions related to product features, design, pricing, development timelines, and go-to-market strategies. By integrating research early in the development process, organizations significantly reduce the risk of failure and wasted investment.
Key Metrics of Product Development Research
- Market Demand
Estimates the size of potential demand and identifies customer segments with the highest interest.
- Customer Expectations
Defines preferred features, quality standards, service levels, and acceptable price ranges.
- Competitive Landscape
Analyzes competing products, market saturation, and differentiation opportunities.
- Price Sensitivity
Determines how pricing affects purchase intent and perceived value.
- Technological Feasibility
Evaluates development complexity, required resources, investment size, and expected return.
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SICA LLC
SICA LLC RESEARCH
SERVICES COMPANY
Our organization conducts professional-level research on Mongolian and international market structures, supply and demand, competition, consumer behavior, and products, helping you develop data-driven business strategies.
|
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Concept Testing Research
Concept testing research evaluates new product, service, or marketing ideas before market launch by presenting them to potential customers and measuring reactions, interest, and purchase intent.
It is a critical validation step that ensures only concepts with real market potential proceed to development and commercialization.
Key Concept Testing Metrics
- Interest Level
Measures how attractive and engaging the concept is at first exposure.
- Purchase Intent
Evaluates the likelihood of purchase under different conditions.
- Feature Evaluation
Identifies which attributes customers value most, such as quality, design, benefits, or brand.
- Price Sensitivity
Determines acceptable pricing thresholds and demand elasticity.
- Concerns and Barriers
Reveals objections, doubts, or reasons for potential rejection.
Conclusion
Product research, product development research, and concept testing research together form the foundation of sustainable business success. Decisions based on structured research consistently outperform those driven by assumptions or intuition.
Entering the market without research exposes organizations to high financial risk, while research-driven strategies ensure that the right product reaches the right audience, at the right price, with the right message.
