Industrial research is a term used to describe research activity conducted within a specific area or discipline. Although all industries develop new products and methods of reaching customers, technology-based firms are reliant upon industrial research and development projects to yield new products or enhance existing ones. This type of department is often found in large manufacturing firms around the world.
Industrial research also means the planned research or critical investigation aimed at the acquisition of new knowledge and skills for developing new products, processes or services or for bringing about a significant improvement in existing products, processes or services. It comprises the creation of components of complex systems, which is necessary for the industrial research, notably for generic technology validation, to the exclusion of prototypes.
This type of research covers broad range of issues including:
Market analysis and competitor analysis
- Market definition
- Market size
- Market segmentation
- Industry structure and strategic groupings
- Porter 5 forces analysis
- Supply chain
- Competition and market share
- Competitors’ strengths and weaknesses
- SWOT analysis
- Market trends