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Technical Feasibility Market Study by Ronald Bannon MBA, Adm.A., FCMC

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This paper is proposing an approach on how to identify, target and find potential customers with a methodology based on market segmentation and needs

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Technical Feasibility Market Study by Ronald Bannon MBA, Adm.A., FCMC

  1. 1. The ADOPTION of a NEW PRODUIT in the SME context based on the « Analyse de faisabilité technico-commerciale »1 By Ronald Bannon M.B.A., Adm.A., F.C.M.C. Quebec City , Octobre 3rd 2014 The introduction of a new product or a new manufacturing process reveals a lot of difficulties when the idea, emerging from a matured but not previously validated consideration, arises in the pre-market stage and is directly offered for sale to prospective customers. Participation by marketing consultants in such a project helps to provide solutions or tracks of reflection already undertaken as an objective methodology of development. The product is developed to the rhythm of funds and time available by the inventor and the features identified from the perception of needs. In many cases, the product is unique in its characteristics. If possible, it is always better to protect the drawings by an industrial patent design but also the product itself by a patent application for the originality and the progress generated by the innovation of the product. The market is either existing or non-existent if the product is too much ahead of existing consumption habits or production methods in the case of a process. Segmentation will determine if the market is opened enough according to the number of segments in presence. You must be careful to assess that the product starts into a commercial phase in a growing or declining market. The marketing considerations and financial investments will be different. Before the next stage, a diagnosis will be required to assess the risks involved. During the study, it is important to identify the needs to which the product will respond. At his step, it is time to compare the perception of the inventor versus the needs identified. This approach is carried out by means of a survey and/or meetings with end users, intermediaries and experts of the industry. This step is essential to validate the segmentation in 2. It can also ensure that the product will be conformed to actual business practices and that it will match existing standards following tryouts. These tests will be carried out under real conditions to which the survey participants will agree to lend themselves to this exercise, at low costs. This phase will allow a substantial reduction in the risks associated to the final use of the product. The inventor will have a more complete perception on what should agree or not to the prospective customers on the basis of the needs identified and validated with tryouts. 1 1. Product development 2. The market and the segmentation 3. The needs and the technical validation (through a survey and tryouts) Asselin Bannon Conseils en management stratégique Division de la Société de gestion et de formation GEXIMMD Inc.
  2. 2. The ADOPTION of a NEW PRODUIT in the SME context based on the « Analyse de faisabilité technico-commerciale »1 By Ronald Bannon M.B.A., Adm.A., F.C.M.C. Quebec City , Octobre 3rd 2014 Once the phase completed of testing and reworking to the product is made, if applicable, the target audience will gradually appear in different segments of the market according to the benefits transferred to prospective buyers by the product and the needs to which it will respond. Footprint generated by the new product thus validated will confirm the competitive positioning of the product which will match the client profile through diagnosis, segmentation and technical validation steps. The marketing strategy will spin around the experience and testimonials from companies that have agreed to participate in the validation process. Promotion will be broadcast on the web site of the company through a commercial brochure based on the tests and the behaviour of the product in real circumstances. News releases and involvement in local and international trade fairs will come support all to build a strong image of the product. Tryouts of short duration (2 to 4 weeks) may also be used for marketing support as long as the product is ready and available. The identification of early buyers will be a determining factor to accelerate the commercialization and to facilitate its adoption. The use of social media may be necessary to create a viral effect in order to quickly reach the targeted customer ready to purchase the product of the inventor. Asselin Bannon Strategic Management Consultants is a firm specialized in marketing of innovative products and processes from the creativity of researchers, entrepreneurs and inventors. In a context of market globalization, we have accompanied over a period of 18 years a fair number of companies here and elsewhere in numerous commercial feasibility studies and have allowed the breakthrough of several of them on domestic and international markets previously not accessible to them. 1The method called « Analyse de faisabilité technico-commerciale » has been developed by Paul Millier Ph.D. from University EM Lyon in France – Available under the title « L’étude des marchés qui n’existent pas encore», Éditions d’Organisation, 2nd draw, Paris, 2004 2 4. Targeted customer and market positioning 5. Marketing strategy and adoption by targeted customer Asselin Bannon Conseils en management stratégique Division de la Société de gestion et de formation GEXIMMD Inc.

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