Critical Assessment Factors For New Products

Function-

To what limits will your product function as you have designed or intended it to do?

Production-

Can your product be produced at a reasonable and beneficial cost?

Legality -

Is your product subject to any laws that limit, restrict, control, regulate or ban such things as production, ownership, distribution, or operation of the product?

Safety -

Is your product dangerous; even if it is used properly?

Environment

Will your product contribute to degradation of our natural resources?

Quality of Life-

Will your product generate a net benefit to society?

 Potential -

Is your share of the total market adequate for viable business activity?

Price -

What degree of price stability can be reasonably anticipated for your product?

Penetration -

Is there adequate revenue potential in a reasonable time frame to justify the effort required?

Predictability -

Will changes in market demands be evident in time for adequate management decisions?

Dependence -

Does your product depend on the sale of other products to be a success?  Would demand for your product fade if other products were removed from the market?

Demand Curve -

Will the demand for your product last long enough to enable you to make a reasonable profit?

Development Potential -

Can your product result in a family of products from which you can profit?

Compatibility -

Does your product harmonize with current behaviour patterns and ways of doing things?

Learning -

Can customers easily understand the correct use of the product?

Need -

Does your product solve a pressing problem or fill an urgent need for the customer?

Visibility -

Are the advantages and benefits of your product self-evident when the customer hears about your product?

Promotion Cost 

Will the cost of promoting your product be reasonable in relation to production cost?

Distribution -

Will your product fit easily into established distribution networks, or will it stand alone?

Appearance -

How does the customer judge the appearance of your product versus the alternative?

Function-

Does your product work better than the alternatives?

Durability-

Will your product last longer than others?

Service -

Will your product require less routine service than the competitors?

Price -

Do you have a price advantage?

Existing Competition -

Is there a serious competitive threat in the market already?

New Competition

Can you anticipate significant, new competitive elements in the near future?

Protection -

Does there appear to be a potential to protect your product through patents, trade secrets, or other means in a way that is commercially worthwhile?

Stage of Development -

How much additional effort and resources are required to bring your product to a marketable or a license ready state?

Research and Development -

What magnitude or complexity of applied development will be required to sustain your product in the marketplace?

Marketing Research -

What magnitude of effort will be required to define the product, place, price, and promotion that the whole marketing channel finds acceptable?

Marketing Investment -

Is a much larger investment required to bring the product to market?

Payback Period -

Is the time required to recover your investment shorter than the peak demand threshold?

Profitability -

Is there real potential to generate adequate profits to make the venture viable?

License -

Does your product have more potential and greater returns in the form of royalties or assignment fees?

Existing Business -

Can your product be suitably commercialized from within your own existing business?

New Business

Would commercial advantages be served if your product were used to establish a new business?

Part-Time -

 Could you effectively manufacture and sell your own product on a part-time basis?