Making the Most of Market Research

Originally Published MX January/February 2004

MARKET ANALYSIS

Medtech executives can determine a new product's viability through careful collection and employment of market intelligence.

William F. Gotha

It is a common misconception among many corporate executives that market research alone can describe everything they need to know to grow their company. On the surface, it seems as though well-designed market research should fulfill such a role. After all, the major purposes of market research are to help company leaders understand the sector in which they are doing business, to identify what customers want, and to establish working parameters before a company implements its business plan.

Unquestionably, in the hands of the right person, market research can be a valuable tool. But in the hands of an overanxious company executive it can just as easily become a chilly fog that obfuscates the common truth.