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| WHAT IS MARKET PULL? | |
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The term ‘Market Pull’, refers to the need/requirement for a new product
or a solution to a problem, which comes from the market place. The need is
identified by potential customers or market research. A product or a range
of products are developed, to solve the original need. Market pull sometimes starts with potential customers asking for improvements to existing products. Focus groups are often central to this, when testing a concept design or an existing product. |
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A good example of market pull influencing product evolution, is seen in
the development of the digital camera. Twenty years ago, there was a
‘market’ requirement for a camera without a film (saving on developing
films), that could take endless photographs, that could be viewed almost
immediately. The technology of the time did not lead to the manufacture of
such a device. However, technology has a habit of catching up on market
needs. Market pull eventually led to the development of digital cameras,
once miniature digital storage, processing power and improved battery
performance was available. Market pull ensured that photo editing software
also developed, in parallel with the development of digital camera
technology. Market pull does not always work. Sometimes the market ‘calls’ for a innovative new product, but the technology does not exist to support its development / manufacture. For example, electric cars are becoming more popular and the commuter market place, is open to the development of an environmentally friendly electric motor bike. A motorbike that can match the performance of petrol driven motor bikes. However, current electric motor and battery technology, means this is not possible. Eventually, market pull will influence investment in research and development, ensuring the continued evolution of electric motorbikes. |
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