Home  Journals  Economic Analysis: Theory and Practice  4(451) - 2016 April

A comprehensive analysis of industry-specific markets as a decision-making tool aimed at introducing an innovation product into the market

Vol. 15, Iss. 4, APRIL 2016

Article PDF Version

Received: 27 August 2015

Received in revised form: 29 December 2015

Accepted: 16 March 2016

Available online: 27 April 2016

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: L2

Pages: 20-35

Subject The research considers methods to analyze industry-specific markets that are used to reduce the risk of uncertainty when making decisions connected with commercialization of innovation and introducing an innovative product into the market.
Objectives The aim is to systematize the market analysis techniques and develop an efficient mechanism to select methods from the perspective of their application when preparing data on the innovator company's environment.
Methods I employ a comparative analysis to review approaches to industry-specific market evaluation. By grading data by categories, I systematize different methods of industry-specific market analysis. The innovation process modeling enabled to set priorities and develop a tool to determine suitable methods for industry-specific market analysis, depending on types of innovation in the innovative product.
Results The results of the study include a developed model of innovation, systematization of methodological approaches to the analysis of industry-specific markets, developed mechanism of selecting methods to analyze industrial markets, which may be applied when preparing the data on the condition of external environment by the innovator company to make decisions related to innovative product roll-out.
Conclusions The developed mechanism for setting priorities of the analysis of industry-specific markets and selecting the analysis technique depending on the type of innovation may be useful for entrepreneurs, who plan the innovative product roll-out, and all those responsible for innovation commercialization.

Keywords: industry-specific market, external environment, marketing, innovation product, roll-out

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