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In new product development, market research provides information about target market segment sizes (both dollars and volume), customer needs, competitors, market trends, and how well customers are satisfied with current products and services. Market research gains marketing insights using focus groups, surveys, questionnaires, in-depth interviews and similar techniques. No manager should launch a new product without good marketing insight. No investor should invest without the marketing insight provided by high quality market research.
HOWEVER, launching a new product with a new or an emerging new technology requires more than marketing insight. It isn't enough to know that there is a market demand, it is also necessary to know what technology components are likely to actually deliver the features the customer desires. We express the relationship between marketing insight and technology capability as follows.
New Product (s) = [ Technology Capability ] x [ Marketing Insight ] x [ Customer Need ]
If technology capability or marketing insight or customer need is zero, a new product cannot emerge. It is not rocket science, but if you do not carefully assess technology capability along with marketing insight, you may not build the right product with the right technical trade-offs or you may pick the wrong partner or acquire the wrong company.
Science and technology mapping is a trend visualization process that clearly reveals what tools you or your competitor have available to build new products. When S&T mapping is mixed with marketing insight, we can predict new products and emerging new technology introductions with amazing accuracy. The process is not difficult, but it does require some very unique skills and the right tools.
At Patent Insights, the key skills were developed in decades of new product R&D experience and decades of experience using patents and science as indicators of new product possibilities and competitive intentions. At PI, we have also been building the right tools as well.
Our ENTR Reports are good starting points for your study. A cost effective solution.
Alternatively, Patent Insights can help with custom research on your technology specific problem.
Contact Us Call today. Phone: 847-249-2712.
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