This is a valuable tool for evaluating the business potential of a new product or service. It allows you to weigh several new product ideas against each other. It yields a go or no-go decision on each product or service by employing a set of weighted criteria. (3 pages)
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Evaluating the Potential of a New Product or Service
We assume that a team is in place that is vested with the authority to make decisions on new products or services. Typically, the team would perform this evaluation after reviewing a synopsis of each opportunity.
Step 1: The team should agree on the criteria for evaluating the proposed projects. In the example below are listed the criteria we recommend you use. Each criterion should also have a “weighted number” assigned to it, indicating the relative importance of that criterion. (We recommend a range from 1-3). These, too, need to be decided by the planning group.
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