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P. 6-8 /

Market research & new product development The market size

BOGDAN COMANITA
Pennakem LLC 727 Avenue Road Toronto, Ontario, M5P 2J9, Canada

Abstract

The SMEs (1) in the fine and speciality chemical industryneed to adapt to the new realities of the globalizedmarkets and embrace market driven business processes.Marketing research provides a reliable screening tool forthe choice of new products under development. In thiscontext, determining market size for each new productis a necessary step for the quantification of the ROI (2) onthe R&D activities. Companies that fail to anchor their R&Dactivities in the determination of the market size will alsofail to get the expected ROI on their R&D investment and fallshort on meeting the shareholders expectations.


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