This paper describes a systematic approach for integrating market research with the product development process. The following three problems are addressed in this paper. First, a demand estimation algorithm has been developed based on conjoint measurement techniques. Second, an integrated design decision model has been developed. The main components of this design decision model are representation of available design options using AND/OR tree based representation, and an evaluation procedure for evaluating profit resulting from a design option. Third, a heuristic search technique has been developed that makes use of the design decision model to select the design option that maximizes the profit. Integration of market research with the product development process is expected to result in the following two benefits. First, it will reduce the number of design iterations. Second, it will help the design team in finding the most profitable product designs.