Product development offers new and additional benefits to the customers. It may be the development of new products or adding up some new facilities to an existing one. Product development involves risk of investing precious time, money (capital), and intellectual resources. So therefore, it is necessary to be well-planned. A good product development helps to create business opportunities, productivity and profitability of an industry and enhance the customer satisfaction.
A market or a business can be like a mystery, so it is often very complicated and confusing. To grow or develop an industry this confusions can make an obstacle. So market understanding is a conceptual strategy that seeks following points, like
- Know your consumer: To improve the marketing result, it is important to know the customer properly so that it would able to send the message to the targeted group.
- Have the right offer: To know a market, it should also get the knowledge about which offer is right for which segment of market, so that it will beat all other offers.
- Create a message that hits them in the core: it will address customer’s need and differentiate the services of a company from other competitors.
- Advertising: It is a powerful instrument to hit the market, rather customers to get a better understanding from feedback.
There have also some more parameters to seek the knowledge about market and without proper knowledge on market, a business becomes unhealthy.