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TechTrends e-Newsletter May,2004 Page 1 of 7 <br /> I e la. a l s .ale Print <br /> Volume 5, Issue 6 Close <br /> ig i ,, <br /> a publication of <br /> MinnesotaT aFilol ;In. <br /> F; <br /> This issue of Tech Trends is sponsored by RMC Project Management.owl l II <br /> 1111 <br /> IIIII <br /> '' RMC qi c t 1 <br /> RMC Project Management is a Minnesota-based company that has been trainiJuneng2004 <br /> project managers for 12 years. Our courses were developed by Rita Mulcahy, PMP, <br /> the author of PMP Exam Prep. We offer a combo class in Minneapolis, which <br /> includes the Project Management Tricks of the Trade (3 day) and PMP Exam Prep <br /> (2-day) courses. These are fast-paced intensive courses that guarantee you will <br /> pass the PMP exam. With the class you get Rita's RMC PMP Exam Prep system—PMP <br /> Exam Prep, PM FASTrack exam simulation software, and Hot Topics flashcards. <br /> Register today at www.rmcproject.com and use promo code EMMTMA4 to get $100 <br /> off tuition. Sign up for RMC e-mails with future classes, products and free project <br /> management tips at www.rmcproject.com. <br /> — <br /> v ,t.” ItoryEC , <br /> uco e sir_ , <br /> ,. <br /> Taking the Plunge <br /> x <br /> 0 <br /> Diving into a new market? Be prepared! <br /> Introducing a new product can be exciting—but it's also time-consuming and riddled <br /> with uncertainty. After all, the success rate for new products is staggeringly low <br /> (consulting firm Booz Allen & Hamilton estimates that only one idea in 58 will <br /> actually become a profitable product). But research also suggests that an <br /> organization's chances for success increase dramatically when it invests the time <br /> and energy to learn what customers want. You may have a handle on who your <br /> current customers are. But how well do you know your prospective customers? A <br /> market opportunity analysis can eliminate much of your team's new-product jitters <br /> by gathering as much insight as possible before you hit the drawing board. After all, <br /> • <br /> "research costs are much lower than engineering costs," says Don Hayward, an MTI <br /> 411411 <br /> business services advisor. "Wise companies learn as much as possible before <br /> making substantial investments in engineering and product design." <br /> A market opportunity analysis fits into your company's larger strategic planning by <br /> http://www.minnesotatechnology.org/publications/techtrends/2004/June/printVersion.asp 6/15/2004 <br />