What is one of the benefits of conducting market research for product development?

Conducting market research is essential in product development because it directly informs businesses about the preferences, needs, and behaviors of their target customers. By understanding what customers want and require, a business can design a product that aligns well with these needs, ultimately enhancing customer satisfaction and increasing the likelihood of success in the market. This customer-centric approach minimizes the risk of launching a product that does not resonate with the audience.

The other options do not accurately reflect the advantages of market research in product development. Increased production costs typically arise from inefficiencies or poor decision-making that market research can help mitigate. Similarly, while market research can streamline the product testing phase by providing insights, it does not eliminate the necessity for testing to ensure quality and efficacy. Lastly, market research does not guarantee immediate sales success; rather, it significantly improves the chances of success by aligning the product with market demands.