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They need to do early stage research to determine which market segments are the best fit for a new or updated development effort. Really that's the be-all-end-all.
No sense in trying to fight an established market leader if the likelihood of customers switching buying habits is almost nil. Sure, they may think the new GM XYZ sport compact is really cool, but they buy a Corolla or Civic Si at the end of the day since it's well established and the "Asians build the best reliable small car" mentality is very prevalent.
Then follow it up with something like a conjoint analysis where consumers can rank the best features they would like in the new car, etc etc to make sure you have a good match of product.
Taking a WAG as to what people want is how you end up with an Aztek or a Lincoln Blackwood.
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