ESTIMATION OF ECONOMIC EFFICIENCY FROM THE IMPLEMENTATION OF MARKETING TESTING MECHANISM OF MARKET PROSPECTS OF PRODUCT INNOVATIONS ON THE INDUSTRIAL ENTERPRISE

Abstract

The market success of commercialized product innovations depends on a wide range of factors: starting from how the development process was performed in the enterprise and ending with the implemented approach to an objective assessment of their commercial prospects (both during development and before they launched on the market).Assessment of market prospects for product innovations can be carried out by various methods and tools, including through the procedure of marketing testing, which in turn requires allocating a set resources of the enterprise (human, monetary, time, etc.). Sometimes significant resource costs call into question the feasibility of the procedure of assessing the market prospects of product innovations, i.e. determining its economic efficiency. The research results demonstrate that the choice of market-successful product innovation through the procedure of marketing testing is not yet a sign of profitability in general for the company. Since a large profit from the commercialization of successful product innovation may not be enough to cover all the costs of the procedure of the marketing testing, which is why the company can receive significant losses, even when a successful product innovation was introduced on the market. This is what determines the relevance of determining the economic efficiency of the implementation of the procedure of marketing testing of market prospects of the developed product innovations. The article describes the methodology to estimate the economic efficiency of the introduction of the marketing testing mechanism of market prospects of product innovations in the industrial enterprises. The assessment of economic efficiency was carried out by comparing the profits (losses) from the commercialization of product innovations without the use and using the testing procedure, taking into account the costs of its implementation. The results proved to be cost-effective for both product innovations that were predicted to succeed, leading to additional profits, and for product innovations that failed in the market, leading to a reduction in losses, even taking into account the cost of the testing procedure itself. In general, it is proved that the introduction of marketing testing at the stages of the innovative lifecycle provides a fundamental opportunity for the innovator to make a grounded decision about the readiness of its product innovations for commercialization by assessing their market prospects. Performed analysis is considered as a future basis for implementation of marketing testing mechanism of market prospects of product innovations in practical activity of domestic innovatively active industrial enterprises.