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TechTrends e-Newsletter May 2004 Page 2 of 7 <br /> pinpointing marketplace strengths and weaknesses and identifying unmet <br /> opportunities. The information you gather will become part of your company's <br /> • overall strategic market planning, and will drive new product development. An <br /> effective market opportunity analysis should: <br /> 1. Identify unmet or underserved customer needs <br /> 2. Identify a customer base <br /> 3. Assess your company's competitive advantages <br /> 4. Assess your company's ability to deliver new offerings <br /> 5. Assess your production readiness <br /> 6. Specify the opportunity in concrete terms: who/what/when/how much? <br /> 7. Assess the attractiveness of the opportunity for your business. <br /> According to Hayward, a series of simple questions can help you determine the <br /> effectiveness of your current marketing and new product development efforts. <br /> o What percentage of last year's sales was for products fewer than one <br /> year old? <br /> o What about two years? <br /> o How many new customers have you added during that same period? <br /> o Are your margins expanding or contracting? <br /> If you're uncomfortable with the answers, you need to increase your investment in <br /> market analysis, Hayward advises. <br /> Next, think of your last new product introduction. Did you sell as many as expected? <br /> • Were your buyers who you expected them to be? Was the impact on your bottom <br /> line what you wanted? Again, if you found yourself surprised or disappointed by the <br /> answers, Hayward recommends applying a rigorous market analysis to your next <br /> new product effort. <br /> To that end, an outside perspective can be invaluable. If your organization is <br /> considering an overhaul of your marketing practices, consider bringing in a team of <br /> seasoned consultants who know your marketing challenges—and opportunities. <br /> MTI's Strategic Management team applies market analysis as a best practice, <br /> offering a high ROI over the long-term for companies that are ready for growth. <br /> To learn more about market opportunity analysis and MTI's Strategic Management <br /> services, call 612-373-2900 or 800-325-3073, or visit <br /> http://www.minnesotatechnology.org/business/strategic.asp. <br /> HTeth Notes <br /> Technology business news from around Minnesota. <br /> Alger Delta Electric Cooperative of Gladstone, Mich ., recently announced that <br /> it will install Hunt Technologies' TS2 two-way power line carrier-based automatic <br /> meter reader across its entire service area. Pequot Lakes -based Hunt <br /> Technologies Inc. manufactures and sells information and control systems for the <br /> utilities industry. <br /> • <br /> Midwest Motion Products of Watertown has recently accepted a high-volume <br /> order for one of its DC Gearmotor designs, which provides motion control for the <br /> Ordnance Disposal Robot. The multi-axis remote-controlled robot is being deployed <br /> in Iraq to secure and move hazardous and suspicious material. <br /> http://www.minnesotatechnology.org/publications/techtrends/2004/June/printVersion.asp 6/15/2004 <br />