MARKET RESEARCH AND VALIDATION

An innovative leader should conduct market research and

validation to justify needs of the customers. Quality measurement that
demands the data gathered during surveys, interviews and market
research.
Market validation is the process of determining whether your
product is of interest to a given target market. Market validation involves
a series of customer interviews with people in your target market, and it
almost always takes place before you have made significant investment
in your product/concept (Semick, 2016).

The Decision-Making Process

Decision making is an enormous task because the success of the
business relies on its process to come up with a great solution. Various
methods, models and processes can be considered to make decision.

Steps in Decision-Making Process

1. Problem or Need Recognition. As an innovative leader you
must identify the different problems or need recognition of the
customer. The needs of the customers are the basis or foundation of
creating or producing a new product or services in the market. By
assessing the needs of the customer, an innovative leader can generate
excellent ideas for innovation.

2. Information Search. When the problems occurs, there should

have a solution. To develop a solution, an innovative leader should be
resourceful in such a way that he or she can think of bright ideas.
Information search of products and services that will satisfy the needs
and wants of the customers.
3. Evaluation of Alternatives. In determining the needs and
wants of the consumer, the innovative leader should provide different
choices of products. Customers will begin to seek out the best deals as
they will compare the details of the product, read many reviews if the
product is poor or excellent and probably compare prices of which is
more affordable.

4. Selection Stage. After a thorough research and evaluation of the

alternatives, an innovative leader should select the best ideas that will
be used in the decision-making.

5. Evaluation and Decision. The goal for every marketer is not

for a one-time customer but a repeating lifetime customer. One bad
experience of buyer’s remorse and your branding perception could be
tarnished forever (Flekel 2013). This process depends on the evaluation
of the various assessment done for decision-making.