The Role of Lead Users in New Product Development Essay

The Role of Lead Users in New Product Development - Essay ExampleThis paper discusses that given the active environment within which the marketing activity is carried out, there is no gain saying the fact that crop innovation occupy a very select position in the quest to maintain relevance in the market of a modern economy.As the report stresses lead users maybe defined as a sample population of a manufacturers intended market, who get to use a new product before it is actually launched in the market and draw generally available to every would be user. A very all important(predicate) indicator of the health of a company is its customer satisfaction index. This all important indicator can be known only after a thorough market analysis, which can be achieved when the lead users approach is adopted. The ultimate engineer in the mind of manufacturers is to make sales and by extensions make profit considering that more sales is a strong indicator of a companys performance at any giv en time. Lead users aid market research because it results in systematic gathering, recording and analysis of every data concerning the response of the consumers to the new product. These are the potential customer base of the company and how they react is an indicator of market tendencies and effective business plans can then be created by the manufacturers. The most likely portion of the population to patronize the products are exposed via this approach to market analysis. At a very early stage product downsides are discovered and improved upon.