Assessment of the market potential for innovative products

Innovative products are usually found in the early stages of the — development of a product, bringing it to the market, the beginning of the growth stage. The most important issue in the development and launch of an innovative product on the market is to assess the need for it.

The key objectives of market research for innovative products and services are:
- determination of the composition of the differentiating properties of innovative products and the corresponding consumer utility;
- assessment of the existing and potential market capacity of innovative products in physical terms;
- assessment of the level and dynamics of the price of innovative products (most often - its decrease as the market grows);
- assessment of threats from similar and related innovative products of other companies;
- formation of a portfolio of innovative products of the Customer;
- assessment of the sales potential of the Customer's innovative products;
- the optimal price level for the Customer's innovative products.

Assessing the potential market capacity of innovative products consists of two components:
- potential capacity of the market for replacing substitute goods with innovative products;
- potential market capacity of new demand.

Both components require an individual approach:
- when substituting substitute goods, it is important to identify all significantly significant substitutes and justify the share of substitution in each segment;
- the cost of innovative products can be determined through the opportunity cost of substitute goods;
- in a new market, the validity of the emergence of demand is based on the identification of motivators and the utility created by innovative products;
- the cost of innovative products can be determined through value, reduced utility or cost of ownership.

Research of the market for innovative products and services, despite the high cost, allows you to minimize the financing of unpromising projects, which prevents the loss of funds.

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