 * 10% annual growth in EPS line extensions

 * 27% ROC hiring out for

 20-25% ROE market research

Stage II: Trends/Needs Identification

Stage III: Preliminary Concept Generation

Stage IV: Final Concept Generation

In the early 1900's, 3M corporation began its product innovation process by focusing on a single product at a time, starting with the production of abrasives. After realizing a loss due to the low-grade materials, 3M turned to the sandpaper business. Unfortunately, once again, the company realized a loss when the previously imported abrasives failed to stick to the sandpaper.

In the 1920s, lab assistant, Richard Drew created the concept behind masking tape while working on ways to improve the sandpaper. By ignoring specific instructions to improve their pr

Traditionally, market research methods consist of such methods as conducting surveys to view the results of customer opinions first hand, calculating numerical data from previous years to forecast current and future results, using focus groups to aim to create products for particular market segments, and trial and error. Lead User Research takes it one step further. This process took the extra step to organize teams whose goal was to really focus in on not only what the customer wanted, but needed as well. 3M aimed to capture and utilize consumers that experienced needs ahead of others so as to heighten their product innovation process and to give it more focus. Lead User Research provides a means for opportunity that traditional methods of research do not. Forecasts are more precise and accurate with the use of expertise and experienced "lead users." Lead User Research allows for products to be developed, sensitive to customers needs, ahead of its time so that customers !

In order to remain competitive and afloat in the industry, 3M implemented the Lead User Research process. This process consisted of four stages of development with the aim of better understanding the needs of the customer as well as the market.

 groups acquire a more precise understanding of market needs in the selected areas of focus; ideal attributes and features

will have access to products as they become aware of their need for it. Additional benefits of Lead User Research when compared to traditional methods include the following:

Stage 1: Product Planning ; "H

Some common words found in the essay are:
User Research, Concept Generation, Notes Third, Richard Drew, Core Technologies, Competing Capabilities, Wal-Mart Core, Research Process, Planning Homework, Trends/Needs Identification, user research, lead user research, lead user, product innovation, concept generation, innovation process, traditional methods, market research,  teams, masking tape, research process, user research process, customer competing capabilities, towards product innovation, concept generation ,
Approximate Word count = 1058
Approximate Pages = 4 (250 words per page double spaced)