P1 – Product
Market research needs to focus on customer perception and needs whenever it comes to your products and services.
P2 – Placement
A good market research survey can help a company figure out where to place their product in the market in its most effective manner. Product placements that are creative give your business an advantage in the market. Customized market research surveys will help you find the best placements.
P3 – Pricing
The price of the product has the greatest impact on its own journey. And what’s the market rate a potential consumer is willing to pay for a new feature? Will reducing the price for your product increase sales? Customers could provide answers to all these questions.
P4 – Promotions
To determine how and where to promote your products and services, use the first three “Ps.” Whether you go with organic or paid promotions, your approach must be based on the results of your research. Before starting a large advertising campaign, successful businesses conduct comprehensive marketing research using research studies.