Developing a New Market Testing Procedure in the Context of Radical Innovation

Abstract

In the context of radical innovation the conventional market testing procedures seems ineffective to generate sufficient profit for the company and satisfy consumers need. Moreover, the alternative approaches lacked some features to successfully prototype testing. So, the gap between the literature and the real life application leads towards producing a radically new approach for market testing. Therefore, sole aim of this research was to produce an effective market testing procedure in the context of radical innovation. To produce a new testing procedure an extensive research has been done based on document research methodology on the alternative approaches such as Open Innovation, Lead User method, Delphi Technique and Product Bundling. The new procedure has been divided into two categories based on target market- one focuses on the mass consumers and the other on the expert consumers. The categorization was important as literature demonstrated that consumers perceive and behave differently when considering radically new products. The new procedure sheds light on the complexity of understanding consumer needs and technological innovation. The firms can use this procedure to effectively generate useful feedback before commercializing their radically innovated products