Product and Brand Management

Criteria for Screening New Product Ideas

by | Mar 17, 2022

In this blog, we’ll explore the important criteria to consider when screening new product ideas and how to evaluate them for success.

One of the biggest challenges in new product development is deciding which ideas to pursue. The key is effective screening of new product ideas. By establishing specific criteria and evaluating ideas against them, businesses can save time and resources by focusing only on the most promising concepts. In this blog, we’ll explore the essential criteria for screening new product ideas and how to evaluate them for success.

Importance of Screening Criteria

Screening criteria are essential for effective new product development. Without clear criteria, it’s difficult to evaluate new ideas objectively, and the risk of investing resources in unprofitable or unsuccessful products increases. Screening criteria help businesses determine whether an idea aligns with their overall strategy, meets customer needs, and has the potential to generate a profit.

Essential Screening Criteria

Here are some essential criteria to consider when screening new product ideas:

  • Feasibility: Can the idea be realistically developed and brought to market with available resources?
  • Profit potential: Is the idea financially viable and likely to generate a profit?
  • Differentiation: Does the idea offer a unique value proposition or point of differentiation from competitors?
  • Customer need: Does the idea address a customer pain point or meet a specific need in the market?
  • Alignment with strategy: Does the idea align with the company’s overall strategy and goals?

Evaluating New Product Ideas for Success

Once you’ve established screening criteria, the next step is to evaluate new product ideas for success. Here are three methods for doing so:

  • SWOT analysis: Conduct a SWOT analysis to evaluate the strengths, weaknesses, opportunities, and threats of the new product idea. This analysis helps determine whether the idea meets screening criteria and has potential for success.
  • Concept testing: Test the concept with a sample of the target market and gather feedback on its appeal and potential for success. This feedback can then be used to evaluate the idea against screening criteria.
  • Business case analysis: Develop a business case for the new product idea, including market research, financial projections, and a go-to-market strategy. This analysis helps determine whether the idea meets screening criteria and is worth investing resources in.

Conclusion

Screening new product ideas is a critical step in the product development process that can make or break the success of a new product. By establishing screening criteria and evaluating new ideas for success, businesses can identify and develop only the most promising ideas, saving time and money and reducing the risk of launching unsuccessful products. Remember, effective screening is an ongoing process that helps ensure that the products being developed are meeting the needs of the market and the company’s strategy.

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Product and Brand Management

1 Product Management Basic Concepts

  1. Product Management – Meaning and Scope
  2. Product Management: An Overview
  3. What is a Product?
  4. Product Classification, Differentiation
  5. Product and Brand Relationships, Product and Brand Systems
  6. Product Planning
  7. Role and Responsibilities of a Product Manager

2 Product Life Cycle (PLC)

  1. Product Life cycles Implications of Product life cycle
  2. Product Life Cycle (PLC) an aid to Product Planning
  3. Operationalising the Product Life Cycle
  4. Product Life Cycle as a Guideline for Marketing Strategy
  5. Product Life Cycle as a Guideline for framing Market Share Strategy
  6. Summary of PLC Objectives, Characteristics and Strategies
  7. Evidence and Critique for the Life Cycle Concept
  8. The Diffusion of Innovation Theory – A Parallel theory

3 Product Line Decisions

  1. Product Line Analysis
  2. Product Line Extension
  3. The Disadvantages of Line Extension
  4. Factors Influencing Product Line Decisions
  5. Category Factors Influencing Product Line Decisions

4 Product Portfolio

  1. The Portfolio Concept
  2. The Logic of Portfolio Approach
  3. Types of Display Matrices
  4. The BCG Growth-Share Matrix
  5. GE’s Strategic Business Planning Grid
  6. Shell’s Directional Policy Matrix
  7. PIMS Model
  8. Arthur D Little Co. Matrix Model
  9. Hofer’s Market Evolution
  10. Utility of Display Matrices

5 Organizing for New Product Development

  1. Setting Responsibility for New Product Development
  2. Structural Units for New Product Development
  3. Function of the New Product Development Units

6 Generation, Screening and Development of New Product Ideas

  1. Innovation and the New Product Development Process
  2. Generation of New Product Ideas
  3. Sources of New Product Ideas
  4. Methods of Generating New Product Ideas
  5. Screening of New Product Ideas
  6. Criteria for Screening New Product Ideas
  7. Development of New Product Ideas

7 Concept Development Testing and Physical Development of the Product

  1. Introduction to Concept Development
  2. New Product Development
  3. Business plan: A tool to fetch financial assistance for new product development program

8 New Product Launch

  1. Types of New Products
  2. New Product Launch the Marketing Plan
  3. Defining and Selecting the Target Market
  4. Product Strategy and Positioning
  5. Pricing the New Product
  6. Promotion of the New Product

9 Branding Concepts and Evolution

  1. Branding
  2. Strategic Relevance of Branding
  3. Branding Policy Decisions
  4. Brand Name
  5. Brand Name Selection Process
  6. How to Build a Brand?
  7. Brand Image
  8. Branding of Commodities

10 Brand Equity

  1. The Concept of Brand Equity
  2. Measurements of Brand Equity
  3. Composite Measure of Brand Equity
  4. Customer Based Brand Equity
  5. How Brand Equity is created?
  6. Building Brand Equity

11 Brand Building Blocks: Identify, Image and Positioning

  1. Introduction to Brand Building
  2. Brand Building Blocks

12 Brand Architecture and Brand Extension

  1. Developing a Brand architecture strategy
  2. Brand Architecture guidelines
  3. Brand Portfolios
  4. Rationalizing the Brand Portfolio
  5. Brand Hierarchies
  6. Levels of Brand Hierarchy
  7. Brand Hierarchy Decisions
  8. Corporate Branding
  9. Brand Extensions
  10. Types of Brand Extension
  11. Advantages and Disadvantages of Brand Extension
  12. Launching a Brand Extension

13 Enhancing Brand Equity

  1. Brand foundation-authenticity and believability

14 Managing Brands Over Time and Across Geographies

  1. Expanding to International Markets
  2. Global Marketing: Standardized vs Customized Approach
  3. Planning the Global Marketing Strategy
  4. Factors Impacting Customization
  5. Developing the Global Branding Strategy
  6. Managing Brands Over Time
  7. Levers for Sustaining Brand Value
  8. Augmenting the Brand Offering
  9. The Pricing and Distribution Levers
  10. The Communication Lever

15 Measuring Brand Equity

  1. Measuring Elements of Brand Equity
  2. Frameworks for Brand Equity Measurement
  3. Brand Report Card
  4. Need for Brand Valuation
  5. Methods of Brand Valuation