Before launching and commercializing an innovative product, we should employ the concept of Market Intelligence to answer the questions below.
First, what is market intelligence?
According to Harrison and Cupman,
Market Intelligence is the information relevant to a company’s markets, gathered and analyzed specifically for the purpose of accurate and confident decision-making in determining market opportunity, market penetration strategy, and market development metrics.
A few of these market research data include, but are not limited to the following:
- (1) Current market need and demand for the product: What is it worth? What problem(s) does it solve? What is the need and/or demand for the product?
- (2) Target Market: Who needs the product? Who can afford the product? How will these consumers learn about the product? How do you present this product to potential consumers?
- (3) Competitors: What makes you different from the competition? What are consumer perceptions of your product compared to the competitors’ or alternatives?
- (4) Pricing Structure: What will it cost? What do competitors charge?
- (5) Consumer Behavior: What are the basics of consumer behavior in regards to this industry?
Harrison, Matthew and Cupman, Julia (n.d) Competitor Intelligence Research & Market Intelligence.