New product development by incorporating unique features is important for power sports manufacturing companies to achieve competitive advantage and also to expand their business. However, introducing a new product into the market is not very as you think; instead, it involves lots of planning, investment of billions of dollars and the involvement of several numbers of proficient engineers and personnel. To make the new product launch successful, manufacturers need to understand the likes, dislikes, requirements and desires of customers. To understand these, a thorough marketing research needs to be conducted.
With the increasing competitions in the power sports industry, it is important to conduct a well designed and organized motorcycle marketing research before launching a new product or prior making any modification to the existing product line, In addition, for motorbike riders and enthusiasts conducting research helps in various way for findings that are effectively incorporated in the strategic decision making and a new product with added features can be manufactured on the basis of research data.
With the increasing role of the study in the power sports industry, there has also been an increase in the numbers of specialized companies. These companies conduct studies on behalf of their clients. Marketing research companies focus on motorcycles, All Terrain Vehicles (ATVs), Side-by-Side Utility Vehicles (UTVs), Scooters, Personal Watercrafts (PWCs) and so on. These companies conduct ride studies, clinics, profile surveys, events for enthusiasts and race events to attract customer feedback and understand their requirements.
A carefully formulated strategy can provide direction and insights to design a new product and modify an existing product as per the desires and requirements of customers. Today, almost all motorcycle manufacturing firms analysis things on a regular basis to understand new trends and also to achieve and maintain competitive advantage in domestic and international markets.