COMMERCE 4MC3 Chapter Notes - Chapter 8: Opportunity Cost, Financial Analysis, Australian Tertiary Admission Rank
5 Dec 2018
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Document Summary
We evaluate the product and its marketing plan as separate divisible pieces. The evaluation system for the basic new products process. In phase 1, an opportunity or threat is assessed. Someone decides if the firm has a strong technology, market opportunity, or competitive threat. In phase 2 (concept generation), ideas begin to appear, and the purpose of evaluation changes: now the goal is to avoid the loser ideas without spending extra time and money on them. This is also done in the initial review to find big winner ideas. In phase 3 (concept/project evaluation), where the decision to spend on the concept into full scale comes into play. Phase 4 (development) the parallel or simultaneous technical and marketing activities are done. A protocol check tell us where we are ready to develop a product for serious field testing. By then we have a product that will apparently meet customer"s requests.
