Market Development

market-developmentMarket development is an important part of the concept to commercialization process.  Market development typically falls into the following categories:

  • Renewal – existing products into the existing markets
  • Expansion – existing products into new markets, or new products into existing markets
  • Growth – new products into new markets

New products are often developed with the expectation that the “customers will come.” Unfortunately this rarely happens. Target markets need to be identified and product preferences need to be determined. This is always true, whether the new product is for a new market or an existing market.

Market development activities should be tailored to fit the specific business need or opportunity. These activities can include characterizing markets of opportunity, analyzing value chains, determine the value proposition, identifying new customers, and developing go-to-market strategies. InnovaNet can work with your team to execute a market development strategy to enhance an existing or new business.

product_lifeCapabilities Include:

  • Product life cycle analysis
  • Identification and characterization of target markets
  • Value chain analysis
  • Value proposition development
  • Raw material and feedstock economic dynamics
  • Identification and development of new customers
  • Product, positioning, pricing, promotion, and placement
  • Developing and executing go-to-market strategies

product_cycleAdditional capabilities

  • Customer analysis
  • Competitor analysis
  • SWOT and TOWS analyses
  • Market segmentation
  • Price elasticity
  • Conjoint analysis