Businesses should start by knowing the consumer's interests, desires and needs. It’s easier to sell what consumers want and need than try to sell something they don’t see the benefit in buying. In a fast moving world, it should be a competitive edge having the chance of monitoring the market, detecting what can be a source of a profitable new business. Market needs inform organizations about what products develop, for what customers, at what cost, through which distribution channels, reducing the uncertainty that a new product/service development always brings with it.
Published in Chapter:
Competitive Intelligence and Technology Watch From Patent Information to Leverage Innovation
Sérgio Maravilhas (UNIFACS Salvador University, Brazil), Sérgio Ricardo Goes Oliveira (Salvador University, Brazil), and Paulo Melo (Salvador University, Brazil)
Copyright: © 2018
|Pages: 22
DOI: 10.4018/978-1-5225-3012-1.ch014
Abstract
Information is an indispensable resource for the functioning and survival of organizations. To compete in the global environment of rapid change, where currently they are located, information is needed to help them innovate and gain competitive advantages in the markets in which they operate. Patent information can provide an increasing competitiveness through the technology transfer that it motivates and proved to be very important economically by encouraging creativity and innovation. It is argued that coherent and effective consultation of the information resulting from research and development activities with industrial application, performing competitive intelligence, and technology watch can leverage innovation and generate competitive advantages in business. The goal of this competitive intelligence and technology watch is to stimulate creativity, leading to new product/process development and the consequent improvement of innovation rates with cost efficiency. Some examples of the use and application of this information resource in different types of industry are presented.