Idea screening means screening new-product ideas to spot good ideas and drop poor ones as soon as possible. Product development costs rise greatly in later stages, so the company wants to go ahead only with those product ideas that will turn into profitable products.
“Idea screening is the stage in the new product development process which follows the idea (or concept) generation.” It sometimes includes the use of checklists, personal judgments, or scoring models. It is done on the basis of information from market research and experience.
Considering factors consist of the company’s mission, strengths versus weaknesses, the possible return on investment of the product, and market trends. It also requires judgment predicting the company’s ability to produce the item and to market that item successfully. It provides directions for guiding technical personnel in their efforts of concept development.
The process of evaluating and contrasting new product concepts to have the most appropriate ones for the business is called idea screening. Each idea is not relevant to your business. Companies follow certain criteria for screening out a suitable idea from the available ones like strategic fit, technical problems, and various market opportunities.
More from this Section
Sampling is the taking a small part of a population in order to draw inferences from the ...
- Stakeholder communication
Stakeholder communication is the interaction with a stakeholder involving strategies, ...
- Vertical service provider
Vertical service provider is an application service provider that runs an entire business ...
- Site centric
Site centric is the audience measured model in which user activity is tallied at the content ...
Consists of the actors close to the company that affect its ability to serve its customers ...