Using well known market research techniques, Avular mapped the potential target markets and client segments for this product. Based on the results, one market was selected for the product launch of SPANAR. After a market share in this market will be secured, the target markets can be expanded to three other markets in which Avular is interested. Additionally, Avular selected the first geographical regions to offer the product. In this decision, the ease of trade was one of the most important factors. The market research resulted in a confidential market research report that forms the basis for decisions on market selection. Other important results from the market research concern a competitor analysis, and an estimation of the TAM, SAM and SOM for this product. Additionally, Avular has been in contact with multiple potential customers for SPANAR to get a better understanding of their needs and willingness to pay for the solution.
On the topic of safety certification Avular has been in contact with the TÜV certification body. The most important result was insight into certification procedures. Avular found out that the most sensible route to obtain safety certification for SPANAR is to design, document and test the system according to a specific safety standard and for safety functions it may perform in the most promising business cases. Since specific aspects of functional safety should already be integrated in the design and development phase of the product, Avular started directly with gathering functional safety requirements that should be taken into account in the current development phase.
Avular used the results from this VAP to update the envisioned business model. Additionally, this VAP resulted in the following confidential documents: a market research report, an IP-strategy, a safety certification plan, a product development plan that includes an oversight of the complete value chain and a commercialization strategy. All of these reports are currently exploited by Avular in the further development of the product and to identify new potential clients or partners.
