Is Market Research Beneficial to Conduct for New High-tech Products?

Is market research beneficial to conduct for new high-tech products?

You can validate after months of development or you can increase your confidence on day 1.It's usually painful for tech entrepreneurs to go door-to-door. Fortunately, you do not need to.Even before building... even before asking anyone, you can observe online conversation trends. As a high-tech product builder, you probably lurked a bunch of communities.Online discussions are where real people are sharing their insights. You can also find numerous topics targeted on high tech products. These products may be what people are looking for. You can use those data for when you are ready to develop your product.Another advantage of online discussions is that most of what people are talking about in there are fresh topics. Trending ideas, the latest. You do not want to get stuck developing a product that's outdated and are old news.Learn how you can use online discussion trends to validate tech products

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Market research for business/planning

Market research is a way of getting an overview of consumers' wants, needs and beliefs. It can also involve discovering how they act. The research can be used to determine how a product could be marketed. Peter Drucker believed market research to be the quintessence of marketing. Market research is a way that producers and the marketplace study the consumer and gather information about the consumers' needs. There are two major types of market research: primary research, which is sub-divided into quantitative and qualitative research, and secondary research. Factors that can be investigated through market research include: Market information: Through market information one can know the prices of different commodities in the market, as well as the supply and demand situation. Market researchers have a wider role than previously recognized by helping their clients to understand social, technical, and even legal aspects of markets. Market segmentation: Market segmentation is the division of the market or population into subgroups with similar motivations. It is widely used for segmenting on geographic differences, demographic differences (age, gender, ethnicity, etc.), technographic differences, psychographic differences, and differences in product use. For B2B segmentation firmographics is commonly used. Market trends: Market trends are the upward or downward movement of a market, during a period of time. Determining the market size may be more difficult if one is starting with a new innovation. In this case, you will have to derive the figures from the number of potential customers, or customer segments.[full citation needed] SWOT analysis: SWOT is a written analysis of the Strengths, Weaknesses, Opportunities and Threats to a business entity. A SWOT may also be written up for the competition to understand how to develop the marketing and product mixes. SWOT method helps to determine and also reassess strategies and analyze business process PEST analysis: PEST is an analysis about external environment . It includes a complete examine of a firm's Political, Economical, Social and Technological external factors. which may impact firms objective or profitability. They may become a benefit for the firm or harm its productivity. Brand health tracker: Brand tracking is way of continuously measuring the health of a brand, both in terms of consumers' usage of it (i.e. Brand Funnel) and what they think about it. Brand health can be measured in a number of ways, such as brand awareness, brand equity, brand usage and brand loyalty.Another factor that can be measured is marketing effectiveness. This includes: Customer analysis (Segmentation of target customers) Choice modelling Competitor analysis Risk analysis Product research Advertisement research Marketing mix modeling Simulated test marketing

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Market Research: Light Phone II

Originally, the Light Phone was even more stripped-down; the first version offered only 2G connectivity. Its creators, artist Joe Hollier and designer Kaiwei Tang, raised over $400,000 on Kickstarter to bring their vision to life. It made and received calls, nothing more-as hard-core ascetic as a burlap sack. "The Light Phone is designed to be used as little as possible," its promotional materials insisted. But when it started shipping in 2017, the device soon proved to be of too little use to too many users. Hollier and Tang retooled the concept to include texting, clock, and better connectivity, and launched a second crowdfunding campaign the next year. The idea of a phone for people who hate phones still held broad appeal; this time, they raised over $3.5 million to create the Light Phone II. At $350, it is far pricier than basic plastic flip phones offering the same functionality. This is a straightforward observation, not a critique. It's not for people who want basic plastic flip phones. It's for people who want multitudes: an art object and conversation starter that occasionally functions as a phone. In fashion-speak, you might confuse it with an elevated basic, but this is not like a $100 James Perse t-shirt that looks exactly like a $5 Hanes t-shirt. No, no. The point is not reaching for an apex of heightened, streamlined functionality. The creators of the Light Phone speak with the common vocabulary of digital detoxes and unplugging retreats, heavy in neo-Luddite maxims, like: "There is no infinity, just intention." Their phone does not enhance the everyday, but rather offers an intentionally austere, openly affected alternative to our hyper-connected normal. Phones have been fashion statements all along, anyways. Designers have known this for years, from Kimora Lee Simmons collaborating on a quilted Pepto Bismol-pink Baby Phat flip phone encrusted in .4-carat diamonds for Nokia in 2004 to Dior's 2011 Reveries phone, an Android covered in crocodile skin sold for $26,000. In 2019, Supreme dropped a $70 burner; it sold out quickly, of course. The Light Phone II does something beyond branding a pre-existing device, though. It exists to recontextualize the idea of a phone, from a ubiquitous, constantly-upgradeable accessory to something best carried around sparingly. The statement it makes is about restraint. Most phones are designed to keep themselves stuck fast in the hands of their users, to drive forward a lifestyle where constant connectivity is a given, where logging off is a disadvantage. The Light Phone II is a reminder that this particular lifestyle is not especially sustainable or luxurious, that smartphone culture can be a psychic burden, a pathway to tedium-a task master disguised as a toy. Holding the featherweight Light Phone II to my ear as I chatted with my mom one evening, I felt like a parody of fashionable types-the phone is so small, it made me look like Zoolander. I think you are supposed to feel hyperaware clutching it. All the more reason to put it down. Its value is more apparent when it's hardly being used.