Research:

1. What specific groups of potential customers/clients (markets) might have which specific needs
2. How those needs might be met for each group (or target market), which suggests how a product might be designed to meet the need
3. How each of the target markets might choose to access the product, etc. (its “packaging”)
4. How much the customers/clients might be willing pay and how (pricing analysis)
5. Who the competitors are (competitor analysis)
6. How to design and describe the product such that customers/clients will buy from the organization, rather than from its competitors (its unique value proposition)
7. How the product should be identified — its personality — to be most identifiable (its naming and branding)

Source