Establishing Evaluation Criteria

At each stage of the product planning and development process, there need to be established criteria for evaluation of the product and process. Criteria should be established to evaluate the new idea in terms of market opportunity, competition, marketing system, and financial and production factors.

A market opportunity exists in the form of a new or current need for the product idea. The determination of market demand is by far the most important criterion of a proposed new product idea. Assessment of the market opportunity and size should consider: the characteristics and attitudes of consumers or industries that may buy the product, the size of this potential market in dollars and units, the nature of the market ...

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