Product Screening Checklist

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Product Screening Checklist:

• Identify how the customers in the target market will benefit from the product:
  • Review selection criteria and drivers of your target audience;
  • Know what automatically falls into area of obvious discard due to culture, religion, etc;
  • Envisage how your product idea suits their buying patterns and what will make them to buy;
• Define who are the major potential competitors opposing the product idea:
  • Is the product idea completely new to the target market?
  • Estimate expected competitive pressure your product may face;
  • How the product is different from everything already placed on the market?
  • Pinpoint potential risks and threats which can endanger your product;
  • Figure out some alternative ways to position your product to reduce risks (to attack a niche where competition is not so tough yet);
• Estimate the size and growth forecasts for the market you are planning to approach:
  • What industry and market trends your product idea is based upon?
  • Estimate how these tendencies are supposed to impact your sales or customer interest;
  • Does the forecasted capacity of the market satisfy your company’s current strategy;
  • Are there any specific factors that will make the demand for your product grow?
• Substantiate technical and financial feasibility of the product development and production:
  • Whether your company possesses all necessary resources and technologies?
  • Whether it is possible to contract externally resources which are missing at the moment?
  • Whether production is commercially justified (is it possible to fit the target price)?
  • Whether the product can stay profitable when manufactured and delivered to the customer?
• Justify why your product is supposed to be better than what already exists:
  • Can you realize your new ideas with a unique design to them?
  • Is it possible to deliver a superior quality (comparing to other competitive offerings)?
  • Will it address a unique segment of customers (never successfully addressed before)?
  • Consider what can make your product delivered and distributed faster (to have a better sales-to-stock ratio than the competition);
  • Can you maintain the price range suitable to financial capabilities of the target audience?
• Estimate potential horizon and course of development for the product:
  • Is the idea able to offer enough of new features to stay afloat in a long-term prospect?
  • How deep you assume the product idea’s potential can be explored further?
  • Learn how the features (major and secondary) of the product can be configured to reach a variability of sales offerings (to impress different categories of target clients);
  • Estimate longevity of your product idea on the market;
• Consider how the product is compliant with your company’s strategies and existing base:
  • Is the product a consistent part of an established category/line of products or is it a new fad?
  • Can the product be qualified as an immediate response to ...

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

BUY NOW!

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