Concept / Project Evaluation
Quality control people verifying/ testing every step in a product process is what is called as evaluation. This process increases the value of a product in the market.
Product line considerations in Concept Evaluation
Depending on the evaluation mechanism chosen the firm may let through too many bad ideas or reject good ideas. There is no right way to optimize project evaluation, but experience help set the best rules in any firm. For ex,, a firm may narrow/ broad/ skip the checkpoints during development.
Product line considerations in Concept Evaluation
Depending on the evaluation mechanism chosen the firm may let through too many bad ideas or reject good ideas. There is no right way to optimize project evaluation, but experience help set the best rules in any firm. For ex,, a firm may narrow/ broad/ skip the checkpoints during development.
In general the new product team should consider 4 generic risk strategies
A-T-A-R(Awareness-trial-availability-repeat) is taken from “diffusion of innovation”
For a person or a firm to become regular use/ buyer of any innovation they must aware that there exists such an innovation, willing to try that innovation, make that innovation available, finally be happy to use it that they will adopt that innovation.
Concept testing and development
Product Protocol Contents
- Avoidance
- Mitigation
- Transfer
- Acceptance
- Everything is tentative
- Potholes
- The people dimension
- Surrogates
A-T-A-R(Awareness-trial-availability-repeat) is taken from “diffusion of innovation”
For a person or a firm to become regular use/ buyer of any innovation they must aware that there exists such an innovation, willing to try that innovation, make that innovation available, finally be happy to use it that they will adopt that innovation.
Concept testing and development
- Personal sense (Eg, Aroma testing, Taste testing)
- Art and Entertainment(WB network stopped using testing audiences to to decide which pilot shows should be bought and added to the prime time)
- New Technology(Kodak realized that users failed to visualize the new technology, it also is a weak tool)
- Firms mismanage concept testing , tool take the blame(Coca-Cola)
- Customers fail to recognize what the real problems are(Failed to understand even if it is already in the market)
- Producer’s perception of the features of the new product
- Consumer’s perception of the features of the new product
- Producer’s estimate of benefits delivered by that set of features
- Consumer’s estimate of benefits delivered by that set of features
- Identify very poor concept to be eliminated
- Estimate scales or trials rate that the product would enjoy
Product Protocol Contents
- Target Market
- Positioning
- Product Attributes
- Benefits
- Functions
- Features
- Detailed Specification