Porters Five Forces. Innovation through Business, Engineering and Design

How does rivalry in a market as well as customer expectations influence the process of a design concept from a business perspective?

Seminar paper from the year 2016 in the subject Business economics - Marketing, Corporate Communication, CRM, Market Research, Social Media, grade: 1,0, Linnaeus University, course: Innovation through Business, Engineering and Design, language: English, abstract: This report will critically analyse the design concepts for the case company by competiveness and customer expectations. Finally it will be critically reflected up on the case company's current situation and opportunities for the future. How does rivalry in a market as well as customer expectations influence the process of a design concept from a business perspective? To create a meaningful, successful product, market insights and knowledge about customer expectations are needed. Knowing the customer's desires helps to develop meaningful products that meet market demands. Besides being aware of the motivation for a product introduction, knowing the products market is crucial. Competition can make or break a products future. The desire to expand or enter a new market can lead to many avoidable mistakes. These hurdles can be circumvented by doing a thorough competitor analysis so that no unpleasant surprise waits around the corner.