Why is competitive research so important for companies

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Companies find good ideas by researching competitors' products and services. Select one consumer product category with which you are familiar, either because you or a family member or friend purchase it or use it frequently (for example: shampoos, carbonated beverages, snack foods, baked goods-- if you have a question about whether the category qualifies, just ask).

1. Suggest one incremental innovation that you would like to see for the product/category chosen. For example, would you prefer a different form of bottling for shampoos? A different flavor for soft drinks-cola flavored chips, for example. Do any of the items in your research have glaring weaknesses as in its cleaning properties, smell, or taste that a company can improve upon?

2. Link your suggestion to an unmet consumer need. State why you think others might have this same need?

3. Why is competitive research so important for companies to undertake?

Reference no: EM132117385

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