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Product ManagementConcept Development Corporation
Citation preview
Case: Concept Development Corporation
Outline
What Is This Case About?
General Statement For Evaluating Goods & Services Scenario That Led To This Statement
Checklist, Profiling & Scoring
Initial Is The Most Toughest Phase To Make Decision Bad Screening Methods
Good Screening Methods
Major Difference Between Evaluation Of Tangible Goods & Services Why These Differences Exist
Consequences On Evaluation Techniques
Question & Answer
Thank You
What is this case about?
It’s about 3 highly qualified friends who share and expand new product & service ideas.
They decide to quit jobs and open their own company
They rent office and hire staff
They generate ideas, evaluate and make money
One general guideline statement of evaluation policy for product & services ideasAhmad Ahsan
Product Example: Cocky (Toy)
Service Example: Writing
Scenario that led to this single statement evaluation policy
Evaluation Process
Practicality of Idea
Screen Idea against:
Marketing Strategies
Sales & Profitability
Key customers
Opinions of industry & technology experts
Feature/Benefit analysis
Brainstorming
Benchmarking (Commercial Literature Review)
Market Survey
Criteria's for evaluation
Flexible mind-set: Open to positive criticism
Checklist, Profiling & Scoring
Example of a detailed checklist
Check list suggested:
Concept Development Corporation can use the 21-Point Invention Evaluation Checklist. This will thoroughly evaluate the product (Toys) and Service (Writing Service) and find out what are the chances for success.
Criteria Compliance with Criteria
General Criteria
Is your idea legal?
What is its environmental impact?
Is it safe?
Is it high quality?
Will it have wide social acceptance?
Will it have any negative impact?
Industry Criteria
Who is your competition?
Does your product require the assistance of existing
Is there just one product or a line of products?
Will pricing be competitive?
Market Criteria
Does your idea fit into a trend?
Is there a need for it?
Is it seasonal?
Is it a fad, or does it have long-term value?
Who will buy it?
Does it need instructions?
Product/Service Criteria
How much will it cost to get your idea to market?
Does it require service or maintenance?
Is there a warranty?
Does it need packaging?
Is it the simplest and most attractive it can be?
Proposed General Statement
Definition: Act of ascertaining or fixing the value or worth of.
“The most serious mistakes are not being made as a result of wrong answers. The truly dangerous thing is asking the wrong question” - Peter Drucker
“First get your facts; then you can distort them at your leisure” -Mark Twain
"Concept Development Corporation Should adopt ALL the techniques mentioned above in the presentation, for it's Toy and Writing service Concepts."
Initial Is The Most Toughest Phase To Make DecisionMuzzamir
Bad screening
Bad screening methods will results in: Many good concept lost
Lost of feature profit
Wastage of organizational resource
Good Screening
Good Screening Methods It matches the corporate strategy of company
Needs of consumer catered
Successful lunch of product
Save time and company product
Major Differences between evaluation of tangible goods and servicesAbu Bakar
Differences between evaluation of tangible goods and services
Goods Services Are tangible Are intangible
Has physical dimension Cannot be weight or measure
Market potential can be projected Not possible with service
First produced and then sold First sold and then produced
Can be envisioned and compared against other similar goods
Can be ascertained only after delivery
Evaluated quantitatively/qualitatively Evaluated qualitatively only
Why these differences exist?
It exists because the two ideas (product and service) have different characteristics of tangibility and intangibility.
Consequences on evaluation techniques
Customers may want to stress-test the product but that is not applicable to service
It is far easier to test the toys that the Concept Development Corporation will produce than to test the writing service.
Writing services contain few search properties making its quality more difficult to evaluate than quality of toys.
It is easy to develop a check list and profile of Toys (tangibles) than Writing service, the profile may be too subjective.
Question & Answer
ThankYou