Cost and Benefits of Market Research for Product Development

• by Cheryl Frankiewicz and Corrinne Ngurukie
• Sep 3, 2008
• 1 min
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This note illustrates importance of market research in the entire product development process, which is often neglected by most of the institutions.

MicroSave’s experience and reviews of successful new products reveal that market research is the starting point in most successful product development. This note illustrates importance of market research in the entire product development process, which is often neglected by most of the institutions. It draws on experiences from seven countries—Kenya, Tanzania, Uganda, Bosnia, Herzegovina, India and the Dominican Republic. The study reveals that MFIs participated in the study enjoyed the cost benefit, better understanding of market, client perception and internal capacity, and enhancing image or reputation, among the several other benefits.