Use of Concept: market data
Description
Research to build a product/market research determination of a product opportunity [2]Examples:
- Information about consumer behavior: Willingness to pay for circular products [4 - 6]; Knowledge about recycling, reuse, product circularity, etc. [6, 7]; Consumer preferences for product attributes, like form, function, sustainability, or circularity [8 - 10]
- Information about the competitive landscape: Competing products; Competing business models, including traditional and circular business models [11]; Branding/brand recognition [12]
- Market data on sales: Estimates of the total volume of the product which could be sold, its market life, and the production rate required to meet the projected market opportunity [2]
Owning Diagram: A0: Produce in a circular economy
ICOM Details:
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Tunneled Concept in Diagram.
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Input on Activity
A1 Design Product
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Disclaimer: Certain commercial equipment, instruments, or materials are identified in this documentation to foster understanding. Such identification does not imply recommendation or endorsement by the National Institute of Standards and Technology, nor does it imply that the materials or equipment identified are necessarily the best available for the purpose.