No business or product development can be successful without good and comprehensive research. You should know all the requirement of your target market and your customers.
Market research is a very important component of your business strategy. It provides important information to identify and analyze the market need, market size and competition. Also, it provides essential information to define your product and its features.
On the other hand, combining market research with the technical finding of the market requirement and required technical or safety standards specifies your product design, the choice of materials or processes which should be used in your product development process.
Market research for business planning
Technical research an reports
Product specification and documentation