Marketing professionals should conduct market research before developing new products, right? Maybe “wrong” according to a new report by Whyze Group. The report identifies eleven factors that have far more influence on marketers' success in new product development.
Online PR News – 01-July-2009 – – Marketing professionals should conduct market research before developing new products, right? Maybe “wrong” according to a new report by Whyze Group.
The report, “Bridging the Research-Innovation Gap”, describes what determines marketers’ effectiveness in leading innovation efforts. The report begins with an analysis of market research spending and company performance.
New market research investments initially deplete companies of cash. Companies recoup their investments only if new product development efforts are successful. That’s a big ‘if’. The report shows no relationship between market research spending and relative company performance.
“Bridging the Research-Innovation Gap” comes on the heels of recent studies describing schisms between marketing professionals and other executives. CEOs have criticized marketers for being ineffective catalysts of innovation. Average job tenure among chief marketing officers is the lowest among top executives.
“Bridging the Research-Innovation Gap” identifies eleven factors that determine company success in new product development. Internet use is changing customers’ needs and behaviors. Customers are using online social networks to find products and organizations with whom they feel more authentic connections.
“There are critical gaps that marketers are best positioned to fill,” according to Whyze Group president, Jason M. Sherman. He adds, “This report shows marketers how to manage innovation in ways that resonate with customers and with CEOs looking for marketers’ to step up their contributions.”
The report is based on eight years of research that includes audited hundreds of strategy documents and thousands of interviews with customers, employees, and executives at U.S. firms. Data from the U.S. Commerce Department and thought leaders at top business schools are included.
Bridging the Research-Innovation Gap” can be downloaded at Whyze Group’s company website, www.whyzegroup.com.
About Whyze Group:
Whyze Group, founded in 2001, is a leading innovation management consulting firm that works with executives at Fortune 1000 companies. The company provides management belief audits, customer research, innovation planning, executive facilitation and training.
Please direct inquiries to Jason M. Sherman, (440) 785-0547.
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