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Product Screening

A screening process is used to determine which product(s) to develop.  The following is a summary of a 26-point process:

  • Is the product new or an extension of an existing product line?

  • What markets are to be served?

  • How are the markets currently being served?

  • Is the market attractive?

  • Future markets?

  • What is the necessary market share to make this product a success?

  • Why will this product be successful?

  • What is the need being met by this product?

  • Does the product have technological challenges?

  • What formal certifications are needed?

  • What formal qualifications are needed?

  • Is the product related to political trends?

  • Is this product inline with current economic trends?

  • What are the barriers for this product success?

  • Any environmental issues?

  • What is the development cost?

  • What is the development time?

  • What is the start-up cost for production?

  • How will the product be commercialized?

  • Projected 5-year sales forecast.

  • What is the minimum acceptable profit/royalties/fees?

  • What is the estimated return on invested capital?

  • How long before desired returns are to be achieved?

  • What is the estimated period of profitability?

  • Will this product be licensed, kept internal, or a spin-off?

  • Who is responsible for success of this product?   

 

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