WHAT YOU WILL LEARN IN THIS CHAPTER

Market research is critical to informed decision‐making at all levels of product innovation management. This chapter presents a range of market research methods that can assist decision‐making at various stages of product innovation. The strengths and weaknesses of each technique are discussed, together with how each contributes to specific innovation management decisions.

An illustration of the strategy. It highlights product innovation management, market research, portfolio, process, culture, teams, design, and development.

THE CHAPTER ROADMAP

A diagram of the market research in the context of product innovation management. 1. What are the critical steps in applying marketing research to product innovation? 2. What is the difference between primary and secondary market research? 3. How does each contribute to product innovation? 4. What defines the quality of market research data as applied to product innovation?

6.1 HOW MARKET RESEARCH CONTRIBUTES TO PRODUCT INNOVATION

Understanding and addressing the needs of stakeholders, typically with a focus on customer needs, is essential to developing successful new products and improving existing products. A wide range of market research techniques is available to inform decision‐making throughout the product innovation process.

This book emphasizes product innovation as a risk vs. reward decision process founded on sound information, data, and knowledge. Market research provides information for making the right decisions and, in turn, reduces uncertainty and minimizes ...

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