Survival and success in the contemporary marketplace call for innovation, whether in the form of a new concept or product, an extension of the existing product line, or reformation of existing product/service, however difficult, risky, and failure-prone it may be. A design strategy informed by sound market research is a proven solution. However, market research does not always give a clear-cut answer. Hundreds of millions of reported losses by FedEx on its Zap mail and DuPont on Corfam illustrate the glaring need for carefully crafted methods of data collection and experienced and analytical interpretation of the valid data collected.
Considering the costs of innovation, or of losing your edge in the market for lack of it, investment in market research and informed product design sure yields a high return with improved Customer Value Proposition and renewed Product Life Cycle.
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