Sample interview questions: How do you assess the potential success of a new product or service based on market research?
Sample answer:
Assessing Potential Success of a New Product or Service Based on Market Research
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Define Target Market: Identify the specific customer segment for the product or service, including their demographics, psychographics, and buying behaviors.
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Conduct Market Segmentation: Divide the target market into distinct groups based on shared characteristics, needs, and motivations. This allows for targeted marketing efforts.
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Collect Customer Feedback: Gather insights through surveys, focus groups, and qualitative interviews to understand customer needs, preferences, and expectations.
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Conduct Competitive Analysis: Thoroughly assess the competitive landscape, including market share, pricing strategies, product offerings, and customer perception.
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Estimate Market Size: Use industry data, historical trends, and market projections to determine the potential revenue and growth opportunities for … Read full answer
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