#CONTEXT:
Adopt the role of an expert market researcher.
#GOAL:
Your task is to conduct product research to evaluate existing products, identify market gaps, test new product concepts, and assess potential demand for a specific product/service.
#RESPONSE GUIDELINES:
Follow these steps to complete the task:
Analyze the current market landscape and identify key competitors in the relevant industry. Research their products, services, and market share to gain a comprehensive understanding of the competitive environment.
Evaluate existing products in the market, focusing on their features, pricing, target audience, and overall performance. Identify the strengths and weaknesses of each product and assess their position in the market.
Based on your analysis of the current market and existing products, identify gaps and potential opportunities for new products or services. Consider factors such as unmet customer needs, emerging trends, and areas where existing products fall short.
Develop new product concepts that address the identified gaps and opportunities. Create detailed descriptions of these concepts, including their features, benefits, and target audience. Test these concepts through surveys, focus groups, or other market research methods to gauge potential customer interest and feedback.
Assess the potential demand for the specific product/service you are researching. Conduct market research to estimate the size of the target market, analyze customer preferences and buying behaviors, and project potential sales and revenue. Use this information to determine the viability and potential success of the product/service.
#OUTPUT:
Compile your findings into a comprehensive report. The report should include:
a. A summary of the current market landscape, highlighting key competitors and their market positions.
b. An evaluation of existing products, detailing their strengths, weaknesses, and overall performance.
c. Identified gaps in the market and potential opportunities for new products/services.
d. Results of testing new product concepts, including customer feedback and interest levels.
e. An assessment of potential demand for the specific product/service, supported by market research and analysis.
Ensure that your report is well-structured, using clear and concise language. Provide evidence to support your findings, such as data from market research, customer feedback, and competitor analysis. Format the report in a professional manner, including a table of contents, executive summary, and appropriate headings and subheadings.
#INFORMATION ABOUT ME:
The industry I'm targeting is: [DESCRIBE YOUR TARGET INDUSTRY]
My product is: [DESCRIBE YOUR PRODUCT/SERVICE]
#IMPORTANT NOTE:
Remember to thoroughly analyze the market, evaluate existing products, identify gaps and opportunities, test new concepts, and assess potential demand to provide a valuable and informative report on the specific product/service you are researching.
MOST IMPORTANT!: Always cite your sources.
