Screening Criteria

• Market Demand: Assess the potential demand for the product.
• Technical Feasibility: Evaluate whether the product can be developed with available technology and resources.
• Financial Viability: Analyze the cost of development and potential profitability.
• Competitive Advantage: Determine how the product will differentiate from competitors.
• Alignment with Business Strategy: Ensure the idea aligns with the company’s mission, vision, and goals.

Steps in Concept Development

• Concept Description: Create a detailed description of the product, including features, benefits, and unique selling proposition (USP).
• Prototyping: Develop a prototype or mock-up of the product.
• Concept Testing: Conduct surveys, focus groups, and interviews with potential customers to gather feedback on the product concept.
• Refinement: Use the feedback to refine and improve the product concept.

Elements of Business Analysis

• Cost Estimation: Calculate the costs associated with product development, production, marketing, and distribution.
• Revenue Projection: Estimate the potential sales volume and revenue.
• Profitability Analysis: Determine the break-even point and potential profit margins.
• Risk Assessment: Identify potential risks and develop mitigation strategies.

Steps in Product Development

• Design and Engineering: Develop detailed product designs and engineering specifications.
• Prototyping: Create working prototypes for testing and evaluation.
• Testing and Validation: Conduct thorough testing to ensure the product meets quality standards and customer expectations.
• Refinement: Make necessary adjustments based on testing results.

Market testing involves introducing the product to a limited market to gather real-world feedback and identify any potential issues before a full-scale launch.

Market Testing Methods

• Beta Testing: Provide the product to a select group of users to test in real-world conditions.
• Test Marketing: Launch the product in a specific geographic area or market segment to evaluate customer response and sales performance.
• Feedback Collection: Gather feedback from testers and early customers to identify any issues or areas for improvement.

Steps in Commercialization

• Production Planning: Set up production processes and ensure adequate supply chain management.
• Marketing Strategy: Develop a comprehensive marketing plan, including advertising, promotions, and distribution channels.
• Sales Strategy: Establish sales targets and strategies for achieving them.
• Distribution: Ensure the product is available through various distribution channels.
• Launch: Execute the product launch, monitor performance, and make necessary adjustments.