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product research

1. Market Analysis

Analyze current market trends

Identify target demographics

Research competitors and their offerings

Assess market demand for potential products

Here are some additional steps that could be included in the "Market Analysis" section of your new product research checklist

Evaluate industry regulations and standards

Analyze pricing strategies within the market

Identify potential market barriers to entry

Conduct SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) for the market

Gather insights from industry reports and market research studies

Examine economic factors influencing the market

Investigate distribution channels used by competitors

Assess customer purchasing behaviors and preferences

Monitor social media trends and consumer sentiment

Identify potential partnerships or collaborations within the market

2. Product Ideation

Brainstorm product ideas based on market analysis

Evaluate potential product features

Consider seasonal or trending products

3. Feasibility Study

Conduct cost analysis for product sourcing

Assess legal and regulatory requirements

Evaluate logistical considerations (shipping, warehousing)

4. Source Suppliers

Identify potential suppliers or manufacturers

Request quotes and samples from suppliers

Evaluate supplier reliability and quality

5. Customer Feedback

Conduct surveys or focus groups for product ideas

Analyze customer reviews of similar products

Utilize social media for feedback and suggestions

6. Prototype Development

Create prototypes for the top product ideas

Test prototypes for functionality and appeal

Gather feedback on prototypes from potential customers

7. Final Product Selection

Analyze feedback and performance of prototypes

Decide on the final product(s) to move forward with

Document features, pricing, and positioning for the selected product(s)

8. Marketing Strategy

Develop a marketing plan for the product launch

Identify key selling points and unique value propositions

Plan promotional activities and campaigns

9. Launch Preparation

Ensure product listings are optimized for SEO

Prepare inventory and logistics for launch

Train staff on product features and selling points

10. Post-Launch Evaluation

Monitor sales and customer feedback post-launch

Analyze marketing effectiveness and adjust strategies as needed

Plan for future iterations or complementary products based on performance and feedback

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