The Role of Competitor Analysis in Marketing and Sales Strategy Development
Market analysis is one of the most crucial steps in the innovation and commercialization process of inventions. Without a precise understanding of target customers, competitors, and market trends, even the best inventions may fail. Studies show that 42% of startups fail due to a lack of market demand.
For example, the startup Juicero, which designed an innovative juicing machine, failed due to insufficient market demand and inappropriate pricing. On the other hand, Apple conducted extensive research on user needs for multifunctional devices before launching the iPhone, leading to the product’s historic success.
This article explores the importance of market analysis, research methods, and modern tools for market evaluation.