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Chapter 4. Identifying and Satisfying Real Market Needs

Chapter 4. Identifying and Satisfying Real Market Needs

To create a successful new high-technology company, you need to introduce a product or service that satisfies customer needs in a better way than competitors, and at a price that is greater than the cost of creating that product or service. While, in principle, this objective might seem easy to achieve, in practice it is not. You need to identify real customer needs and provide products or services that meet those needs in ways that were previously unmet, or meet those needs in ways that are significantly better than the alternatives offered by competing firms.

You need to evaluate customer preferences for the features of the new products and services that they offer. Because many new technology products and services create new markets or radically transform existing markets, this process of evaluating customer preferences is difficult, and requires you to use market research techniques that go beyond the focus groups and surveys with which you are probably most familiar.


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