4
Opportunity Identification and MARKET Planning
Opportunity identification represents an assessment of what potential opportunities present themselves to the company, and of these, which opportunities are the best ones for the company to pursue. Although not all companies begin the product development process with a formal strategic planning stage, many companies engage in some sort of opportunity identification stage at the start of the product development process. In a simplistic sense, activities that comprise opportunity identification motivate the subsequent act of generating ideas for new products and services. The opportunity identification stage therefore is firmly rooted in the initial parts of the product development process.
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