Product Definition

The process of product definition requires a selection between different alternatives. The final product encompasses wide range of characteristics, which purpose is to provide the customer with a "whole" that meets its needs in an optimal way.

Information about the target market and its needs is found outside the organization. Indeed, there is a tradition, in research, in which application to target markets is made, in order to test products during their definition process. The Nimanix method includes selection of a relevant group of participants, which was proved to be relevant for producing qualified estimations regarding the tested product category. The group members interact in a trade arena, which was predefined for product definition purposes. The trade results enable to rank alternatives, as a basis forection.

Nimanix methods, as opposed to surveys, produce continuous measures for each alternative which is traded in the arena according to the level it fits the target market. The price, which is continuously set in the arena, encompasses, in a quantitative manner, the entire information that the "knowledgeable group" has. The weight of each alternative is derived out of the different prices that are set during the trade session, as well as, by the status of the participants who execute transactions.

When a selection between alternatives is required, the Nimanix method may be a complementary method, as well as, substitute method, to traditional marketing research methods.