Technology Management Through Market Research
Companies thinking of entering the market with a new product typically perform
a market research study to gauge the market's receptiveness to the new product
and to understand how to best position the product to achieve success. Vertex's
seminar " Market Research for
Effective Technology Management" helps provide some insights into this process.
Vertex can help with this stage of the commercialization process by arranging for both primary and secondary market research studies for our clients. Secondary market research involves searching both publicly accessible and private databases. In addition to information that is available via the Internet, Vertex through its associates is able to access market data from proprietary market research sources available on-line or through other reference materials. This information is typically summarized in graphs and tables as appropriate and serves as the starting point for the focused primary research effort.
The primary market research involves interviewing key participants in the industry of interest, typically by telephone. The interviews are designed to address anticipated information gaps that typically occur in the secondary sources and are performed using a Vertex developed discussion guide, approved by the client, which serves to ensure consistency in the information gathering process. The number of interviews is determined by the nature and scope of the research effort. Interviewees may include personnel from product manufacturers, distributors, end-users, industry experts, government personnel and trade associations.
Market studies typically address such issues as
- What is the market size?
- What market trends are prevalent? and
- What are the distribution channels in the industry?
Vertex works with its clients to develop a set of questions to be addressed in the study to ensure that issues critical to the client's situation will be addressed.
The power of any market research study lies in the assessment and analysis of the information that is uncovered. Vertex, with it's access to a wealth of industry experience is well positioned to meet this need for its clients.