Answers
Determine what price customers will pay and purchase frequency
Discover customers' preferences, needs and wants to guide product features
Extent a product meets customers' needs and fills market gaps
Identify the specific group most likely to buy the product
Identify rival products and compare strengths, weaknesses and market position
Collecting and analysing information about a market, good, or service
Use customer feedback to design, improve or adapt products effectively
Lowering chance of product failure by testing ideas and customer reactions