Los Angeles, CA (PRWEB) February 12, 2005
WouldnÂt it be great to know if your companyÂs next product was going to be a massive success, like AppleÂs iPod, or a massive failure, like FordÂs Edsel? Growthink announced today the launch of its Custom Market Research Practice (http://www.growthink.com/marketresearch/) to solve this critical question, and thereby mitigate the millions of dollars that businesses lose each year on failed product launches.
GrowthinkÂs practice focuses on conducting market research that identifies and/or validates growth opportunities. Since 1999, Growthink has conducted this type of research in developing over 200 business plans for emerging ventures, venture capital firms, SMEs and Fortune 500 spinouts. Through its new practice, Growthink will now offer its market research services on an a la carte basis.
Key to GrowthinkÂs practice is proprietary methodologies that it has developed to assess emerging and evolving markets. According to David Lavinsky, GrowthinkÂs president, ÂDetermine the future size of a mature market requires a methodology that considers demographic trends, psychographic trends, past sales trends, consumption rates, price movements, competitor brand shares and new product development, and channels/retailers among others. Many of these factors, such as past sales trends, simply do not exist for emerging and evolving markets. As such, new methodologies are required.Â
GrowthinkÂs proprietary methods for sizing such markets include Âpeeling back the onion,Â in which it starts with the current, generic market and removes pieces of that market that the client will not target. Eventually, only the relevant market size remains. A second Growthink methodology requires assessing the market from several angles to approximate the potential market share. These angles can broadly be categorized as customer, competitor and market analyses. According to Lavinsky, Âa final layer must be added to these analyses Â case studies. History tends to repeat itself, and by identifying and analyzing similar new products and services in other markets, we can learn about customer adoption rates, competitive responses, etc., and apply them to the market we are attacking. The result is a realistic market forecast.Â
While these methodologies are often more painstaking than traditional market research techniques, they can be the difference in determining whether your company has the next iPod or the next Edsel.
Since its inception, Growthink has developed over 200 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information please visit http://www.growthink.com
1800 Abbot Kinney Blvd., Suite B
Los Angeles, CA 90291
Tel: 877-BIZ-PLAN (877-249-7526)
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