PRODUCT CREATION AND DEVELOPMENT Make a list of possible ideas for a feasibility study that may create a new product or service that does not currently exist or may be focused on innovating or developing an existing product. (Student-Friendly or in Daily Use) In either of the two the idea-generation process must adhere to three critical criteria: 1. Feasibility: The idea must be feasible, meaning it should be realistically possible. This involves technical, financial, and operational considerations. Ask yourself: Do we have the resources and expertise to bring this idea to life? Are the required technologies or methods available or within reach? 2. Viability: The product or service must be viable. This means there should be a genuine market demand, and the potential customers should be willing to accept and pay for it. Conduct market research to understand the target audience's needs and preferences. Evaluate the competitive landscape to ensure your product stands out and offers unique value. 3. Availability: The necessary raw materials and components should be readily available. This ensures the production process can proceed smoothly without significant delays or disruptions. Assess the supply chain, identify reliable suppliers, and consider potential risks or constraints related to material availability.
PRODUCT CREATION AND DEVELOPMENT Make a list of possible ideas for a feasibility study that may create a new product or service that does not currently exist or may be focused on innovating or developing an existing product. (Student-Friendly or in Daily Use) In either of the two the idea-generation process must adhere to three critical criteria: 1. Feasibility: The idea must be feasible, meaning it should be realistically possible. This involves technical, financial, and operational considerations. Ask yourself: Do we have the resources and expertise to bring this idea to life? Are the required technologies or methods available or within reach? 2. Viability: The product or service must be viable. This means there should be a genuine market demand, and the potential customers should be willing to accept and pay for it. Conduct market research to understand the target audience's needs and preferences. Evaluate the competitive landscape to ensure your product stands out and offers unique value. 3. Availability: The necessary raw materials and components should be readily available. This ensures the production process can proceed smoothly without significant delays or disruptions. Assess the supply chain, identify reliable suppliers, and consider potential risks or constraints related to material availability.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:PRODUCT CREATION AND DEVELOPMENT
Make a list of possible ideas for a feasibility study that may create a new product or service that
does not currently exist or may be focused on innovating or developing an existing product.
(Student-Friendly or in Daily Use)
In either of the two the idea-generation process must adhere to three critical criteria:
1. Feasibility: The idea must be feasible, meaning it should be realistically possible. This involves
technical, financial, and operational considerations.
Ask yourself: Do we have the resources and expertise to bring this idea to life? Are the required
technologies or methods available or within reach?
2. Viability: The product or service must be viable. This means there should be a genuine market
demand, and the potential customers should be willing to accept and pay for it. Conduct market research
to understand the target audience's needs and preferences. Evaluate the competitive landscape to
ensure your product stands out and offers unique value.
3. Availability: The necessary raw materials and components should be readily available. This ensures
the production process can proceed smoothly without significant delays or disruptions. Assess the supply
chain, identify reliable suppliers, and consider potential risks or constraints related to material availability.
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