Fujio Mitarai is the President of Canon Corp. In an interview by Shukan Post, he gave his opinions regarding market research and product development...
Market research doesn't help in developing products. Rather, market research gives us some idea how popular our products are among consumers. If we make products based on the results of market research, the products will be similar to those of other manufacturers.
For manufacturers, information on high technology theory obtained from academic associations is far more important. Based on such information, we can develop new products. Then we will advertise those new products to captivate consumers.
When new products are introduced, they will create new markets and eliminate old products. As you can see, 8-millimeter cameras, typewriters and word processors have all disappeared.
If any company decides to make products just by following others, they will never win. U.S. business leaders are suffering in this respect.