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Because without a market there is no customer. You may spend time focusing on the product qualities and features and get to a point where you are convinced it will be a hit in the market; moreover, product testing and customer research feedback will delude you in thinking that you have a great product, the next blockbuster of all... Think again, people will tell you during interviews that your product is great, fun to use or will relieve them from some hidden pain, but are they ready to spend money on it for sure? And could they continue to live their life without your product? These are the key questions that need to be answered and hence finding a market that is a segment of customers that share a common need or passion for your product. Any thoughts?
It is absolutely critical to know the potential of your product or service in target market especially in todays highly competitive environment. Secondly, If you sell directly to the end-users of your products, it is absolutely essential that you know who they are (demographic information) and why they buy your product. Demographic information is less essential if you are in wholesale, but the maxim "know your customers" is still paramount.
Because the market will define for example how the product will look like, these things are depending on demand and supply, and these are depending strongly on the location where you would like to sell the product. But everyone has to do a significant research before produce and lead a new product in to a local or worldwide market.
You dont produce to know how it looks like but to sell what market demands for.
Well .... yes .... but if you do that all the time then you have no invention or innovation.
