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MIDIOR Consulting Benchmark Study Finds Large Companies Identify Need for Improvement in Market Research and Customer Insight

Cambridge, MA – February 28, 2012 – A new research study released today by MIDIOR Consulting investigates product development and product management practices in large, multinational companies. The Benchmark Study of Product Development and Management Practices takes a snapshot of how product organizations function with particular emphasis on new product development. Some of the topics the study investigates are how companies prioritize investments, track and measure product performance, and assess their organizational competency in key development and commercialization activities. This primary market research initiative, now in its third year, highlights year-to-year trending on specific topics and identifies key points of leverage and opportunities for improvement.

Participants in the research are senior executives with global responsibility for products and services. Four industries were targeted in the study: financial services, technology, industrial products and manufacturing and consumer products and retail. Points of interest include:

  • When asked to assess organizational competency in key product development and management activities, market research and analysis stands out as a high priority activity where competency is found lacking.
  • 65 – 70% of organizations rely on internally developed technology for new product development. Less than 20% use a partnering model or acquire technology from external sources to create new products.
  • Use of financial metrics to track product performance increased, however field support and quality were given a lower priority than in previous years. Clear assignment of responsibility for these functions appears to be lacking.
  • The use of social media by product teams to gather, exchange and share information is growing. Research results point to a year-over-year increase of 20%.

According to Susan Loconto Penta, Co-founder and Managing Partner of MIDIOR Consulting, “With three years of data gathered and analyzed through our primary research initiative we notice that, despite sub-par economic conditions, multiple industries are looking ahead with a focus on new product development, and by extension, growth. In addition, there is finally a recognition that building market knowledge and customer insight inside the product organization is critical to delivering relevant and successful products and services.”

For a copy of the “ 2011 Benchmark Study of Product Development and Management Practices”, contact MIDIOR.

About MIDIOR Consulting
MIDIOR is a management consulting firm focused on the discipline of product development and management, helping clients better understand their customers’ needs, seize new opportunities and respond to changing markets. MIDIOR's proven leadership in product, platform and information management inspires organizations to challenge conventional thinking and develop the skills necessary to build a sustainable pipeline of successful new products and services. For more information visit www.midior.com.