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Product Evaluation - Initial Viability

 

The first phase of the evaluation process, Initial Viability, can be performed prior to pursing legal protections or starting product development. This phase focuses on four factors that have been found to be important in the successful commercialization of an idea. Those factors are:

  • Uniqueness- the degree to which your product is differentiated from other commercially available offerings on the market.
  • Value- the benefits that customers receive from your product. 
  • Appeal- the number and concentration of customers that may purchase your product. 
  • Intuitiveness- how readily customers will understand your product.

If you choose to proceed with bringing your idea to market following this evaluation, it is important to remember that this is the first of four assessments that should be performed.  Prior to launching your idea, your evaluation efforts should include understanding the revenue potential for your idea, the profit potential for your idea, then market response to your idea.

Evaluation Overview Online Evaluation Revenue Potential

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