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New Product Idea Screening Tool
The New Product Idea Screening Tool is a good aid in the screening process for rating new product ideas, to help you spot good ideas and drop poor ones early in the process to keep product development costs down and speed product concept development. This tool is not intended to replace the human decision process in new product development; but, it fosters a more systematic approach in the product idea evaluation process.
The tool incorporates several new product success factors: company strategy and objectives; marketing skills and experience; financial resources, channels of distribution; production capabilities; research and development; and purchasing and supplies. You assign a score to each factor in terms of its relative importance in your company's ability to launch a new successful product. Then you rate each factor for the fit between the new product idea and the company's capabilities. The chart displays the idea rating for each factor and the meter below the chart produces an overall score for the new product idea. The rating scale used is: .00 -.40, poor; .50 - .75, fair; .76 - 1.00, good. The minimum acceptance level based on this scale is .70.
Note: The online version of this tool, has sample data in it as the default setting. You can edit all default values as required. Resetting the tool, will restore the default values.