“Information is power”
Understanding what the public says about the products and services a company provides is essential to making sure the company is meeting consumer needs. Customer feedback includes case studies, focus groups, customer surveys and questionnaires.
Product research seeks to improve the product to meet the needs of consumers.
Competitive analysis is when one company compares its products and services to those of another company. This can be done to improve the product, create a niche or determine a more attractive price point to lure customers.
Using research tools such as the information compiled by Cream can help a company to understand how the industry as a whole is doing. This can help management make decisions based on economic factors affecting their industry that are not limited to their own products.