A Quote by John Harvey-Jones
People are unlikely to know that they need a product which does not exist and the basis of market research in new and innovative products is limited in this regard.
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The market is so competitive. There are so many products that are similar. So we are forced to invest in innovative research in new products that are one or two years ahead of the market.
80% of all products and services that will be on the market in five years do not exist today. So therefore, always be innovative, always be creative, always think, 'What new products or services could I create, could I represent, could I joint venture?" Sometimes you can find someone else that has a fabulous product or service that you can use your existing business or resources to sell and you can double your income or sales in your business by selling somebody else's product to the same customers that are buying yours.
I'm such a product junkie - I love trying new products and new shades. For me, it's really exciting to see what new and wonderful products come onto the market.
Shifting Philip Morris to the new a non-risk products doesn't mean that I will give market share to my competitors free of charge. In the markets where we are not present with IQOS yet or the other reduced-risk products, you still need to defend your share of the market. They still represent the bulk of our income, and so far they have financed the billions of dollars we have put behind these new products. But once we go national in a market, and absent capacity constraints, then you shift your resources and your focus to these new products.
If a product's future is unlikely to be remarkable - if you can't imagine a future in which people are once again fascinated by your product - it's time to realize that the game has changed. Instead of investing in a dying product, take profits and reinvest them in building something new.
Bars need to be conceived and built for the local audience, not the personal tastes of the owner. Huge mistakes are made with regard to market research and concepts. Research and capital are paramount!
In the domain of pharmaceuticals, we need a metric for health impact, and with this metric we can then assess the value of the introduction of a new product and pay its innovator accordingly, say on the basis of the product's measured health impact during its first ten years on the market. In exchange, innovators must of course renounce the usual rewards they are otherwise entitled to, namely the patent-protected markup on the price of their product.
Your business should be defined, not in terms of the product or service you offer, but in terms of what customer need your product or service fulfills. While products come and go, basic needs and customer groups stay around, i.e., the need for communication, the need for transportation, etc. What market need do you supply?
Bell Labs was a fantastic research organization but having them create and market new products for the world was terrible. They were not good marketers and yet it was AT&T engineers who were deciding what the products of the future were.
I think, when I see entrepreneurs, they tend to talk about the market and the industry - which is obviously very important, but the most important thing is you're product. What are you selling? And does it really have product-market fit?
you're a product just as much. a product of a product. the people who design cars, they're products, your teachers, products. the minister in your church, another product.
We don't believe in market research for a new product unknown to the public. So we never do any.
Products can introduce more complexity over time, but as far as launching and introducing a new product into the market, it's a marketing problem. You have to explain everything you do, and people have to understand it, within seconds.
A strategy is something like, an innovative new product; globalization, taking your products around the world; be the low-cost producer. A strategy is something you can touch; you can motivate people with; be number one and number two in every business. You can energize people around the message.
There is a fantasy in Redmond that Microsoft products are innovative, but this is based entirely on a peculiar confusion of the words "innovative" and "successful." Microsoft products are successful - they make a lot of money - but that doesn't make them innovative, or even particularly good.
Socialized medicine allows a nation to exclude a U.S. product from its market if the U.S. firm does not make generous enough price concessions. Accordingly, what has developed is a system within which U.S. firms make large profits on new drugs in the U.S. market, but very low profits on sales everywhere else.
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