Product Development The
technology used by Adaptiqs can assist organizations in conducting
market analysis as a part of the product development cycle. A market analysis
involves gathering of information related to market to quantify the business
opportunity of a product.
One of the most important steps in conducting a market analysis is identifying
the appropriate information sources. The engineering or manufacturing
department might be one information source, as they will know the cost
and feasibility of building the product. The sales staff will would be
another information source, as they have some knowledge of customer needs
as well as the features and benefits they are requesting. Another important
information source would be to directly ask the customers to find out
what needs exist.
When introducing a product into a market, a company should find answers
to questions such as:
What
needs do your customers have currently related to your business?
What
do your customers currently do to satisfy those needs?
How
will this product or service satisfy those needs?
What
customers or market segments will purchase which product (or set of
products)?
What
are the similarities and differences in their buying patterns?
Which
combinations of product features are important for your customers?
What
product features are currently available and which need to be developed?
What
trends or strategic business issues influence your customers' buying
decisions?
Who
else offers products that overlap with this product line?
Some
of these questions can be very difficult to answer, and require a subjective
judgment based on data from all information sources. In addition, acquiring
the information from the appropriate sources can be costly and time
consuming. Adaptiqs is highly skilled at gathering, compiling, and analyzing
data that assists you in making an informed product development decision.
Two problems often occur in the market analysis
process. First, it is very difficult to determine the optimal amount
of information you can collect from each source. If you ask for too
little information, you will increase the likelihood of an incorrect
product development decision. However, if you ask too much information using a lengthy survey, people will not agree to
participate and could become annoyed with entire survey process. With the
Adaptiqs survey administration engine, it is possible to
ask only a few questions and still get the information that you need
to make an informed decision.
The cornerstone of this capability is the concept
of adaptive administration, an Adaptiqs exclusive. Using artificial
intelligence, Adaptiqs can use prior knowledge and previously collected
information to help guide the survey process. If you would like more
information on how Adaptiqs can help you launch your new product with
confidence, please fill out our project
request form.
