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Product Development in Biotechnology
Published in Firdos Alam Khan, Biotechnology Fundamentals, 2020
The first thing that any biotechnology or healthcare company does is to carry out extensive research on existing products that could be potential competitors in the future. This kind of survey is conducted to identify the problems of existing products in terms of effectiveness of the treatment, side effects, cost, and—most important—the market demand for the product, such as how big a market there is for the product in terms of sales. Market research can provide information about customer preferences, identify gaps in the market, get customer feedback, and identify any social or cultural issues that may be involved in the production and sale of a product.
Product development in biotechnology
Published in Firdos Alam Khan, Biotechnology Fundamentals, 2018
The first thing that any biotechnology or healthcare company does is to carry out extensive research on existing products that could be potential competitors in the future. This kind of survey is conducted to identify the problems of existing products in terms of effectiveness of the treatment, side effects, cost, and—most important—the market demand for the product, such as how big a market there is for the product in terms of sale. Market research can provide information about customer preferences, identify gaps in the market, get customer feedback, and identify any social or cultural issues that may be involved in the production and sale of a product.
Ideation
Published in Walter R. Paczkowski, Deep Data Analytics for New Product Development, 2020
Market research methods consist of quantitative research and qualitative research, or a combination of both in a two-phase approach: qualitative research done first to identify key issues and problems, followed by quantitative research building on and supported by the qualitative research results. Sometimes the quantitative research is followed by another round of qualitative work to verify or further clarify quantitative conclusions.
Psychological Factors Behind Innovation Adoption: Affordance Actualisation Model
Published in Journal of Computer Information Systems, 2022
Shi-Zhu Liang, Meng-Hsiang Hsu, Wei-Hong Chen
This research provides several important insights into management practice. This paper focuses on the impact of affordance on product design, and, based on affordance actualization theory, ‘’ analyzes psychological factors that justify consumer adoption of new versions of products. Our findings suggest that, in order to ensure consumers’ willingness to adopt new product versions, companies should be guided by affordance as their design philosophy, by incorporating customer-centricity into design techniques. Further, product managers should focus on the integration of functionality, aesthetics, and social symbol for a new product version to provide significant benefits to customers. Individuals can easily switch from one product to another with similar functionality at no cost. Shani et al.9 noted that a change in the appearance or function of a cell phone will cause harm to the older versions. Thus, companies should show differences in product design during the stages of product release and diffusion. Considering the unlimited potential of affordance for innovation in a product design, many studies suggest that users dynamically participate in the production process instead of merely paying attention. Businesses should also conduct market research, analyze and better understand customers‘ potential needs to meet their expectations, thereby increasing the likelihood of the continued use of their products.