Marketing Management Article on How to Assess Market Viability of New Products

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Marketing Management Article on How to Assess Market Viability of New Products Surveyor of the Fittest [pic] BY HONGJUN (HJ) LI With the correct methodology, companies can effectively assess what market is viable and what market is not. Industry research shows that 75% of new-product launches fail in the marketplace (visit to read its sec- tion about new–product development performance). That number does not even include product concepts that never successfully enter the market. There are many reasons for such failures, but lack of market demand for new products introduced is definitely the most important one. M M S e p t e m b e r / O c t o b e r 2 0 0 7R 39 EXECUTIVE briefing You might be…show more content…
Assessing the Market Market assessment can be viewed as a science or an art. The challenge to market research professionals: Although some commonly used research techniques and tools exist, they might not be adequate to address the complete scope of market assessment required for sound business decision making. The challenge to senior executives is that they don’t have the time to do detailed market investigations themselves. In addition, they might not have an effective framework for judging the quality and reliability of their subordinates’ market assessments. Both dedicated market research professionals and senior executives can use the methodology suggested here. The for- mer can use it to investigate all the key aspects of a new prod- uct’s market potential; the latter can use it to evaluate their subordinates’
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