ENTREPRENEURSHIP

Detailed explanation-1: -Strategic market analysis looks at the big picture for a company and its markets. It’s an ongoing process of monitoring business unit success, reviewing product portfolios, identifying major new opportunities, and deciding where to invest resources. It drives new product innovation, take-over, and company strategy.

Detailed explanation-2: -Customer involvement should enable the supplier to develop improved functional requirements, modify product design to reduce production costs, or develop a design that meets the special needs and problems of customers to a greater extent.

Detailed explanation-3: -Market research for new product development is all about identifying opportunities and finding out if it’s worth bringing your product idea to life. And if so, how to do that in the best way. It’s about more than what the competition is doing, and if your target audience would be willing to spend money on you.