5 Fundamental Questions You Must Always Ask When Doing A Product Feasibility Study

From a Fag Packet to the Market: 5 Pivotal Questions You Must Ask

Bringing a new product or service to market is the hallmark of an entrepreneur, but how do you take an idea from a fag-packet all the way to the marketplace?

 
Understanding whether an idea is workable is a joint effort that requires skills such as creativity, engineering, design, and manufacturing.
The most important factor is making sure you understand the feasibility of an idea at the earliest opportunity. There are some fundamental questions to ask in such a process:
 

1. Is there enough demand for a product like yours?

Consumer demands and the mechanics of product development are rapidly changing. This brings an extra challenge to delivering innovative ideas to the market as demand needs to be interpreted, the concept has to be fully realized and the commercial proposition optimized for its market.
Market analysis and appraisal is a tricky task. It requires strong skills and a deep knowledge of the commercial context. An assessed market is the result of logical analysis and interpreting trends and aspirations. Your potential consumers are the best experts you could recruit for this project.
 

2. Is your idea strong enough for an investor to invest in?

Any successful entrepreneur will tell you how developing a new product can drain your money. At some point you’re going to need an injection of cash and any investor, be it a bank, enterprise fund, or business angel is going to want to be as sure as they can be that they will get a return on investment. Of course, you will be willing to lay your own money on the line, but putting yourself in the shoes of a potential funder/investor offers a good litmus test as to whether your product has a future.
 

3. Can your product be tested?

Technology can play an important role in understanding whether your idea has legs. New technologies are now accessible and allow you to test the visual impact of a new product idea and its desirability without having to take on the full development of the physical product. Moreover, as you can imagine, such feasibility tests can be performed at a fraction of the cost of traditional prototypes.
 

4. Will the product sell?

There may be demand for your product, but a large part of determining whether it will actually sell comes down to knowing and understanding your audience. With the introduction of intelligent technology you can adjust your offering and your audience early in the product development cycle and without relying on the initial sales figures post-launch. Technology can assist you in specifying who your potential customers are and, most importantly, to refine your commercial proposition to maximize audience size and, ultimately, sales.
 

5. Can the product be developed without impacting on existing business?

We’ve worked for large organizations, especially in the UK, where the boss demands more and more product ranges in the effort to make the company more successful. These demands often run down the product teams, overwhelm the sales teams, and upset the manufacturing partners. Also, the proliferation of the product portfolio without clear market analysis can lead to the dilution of the brand value and might result in significant underperformance.
 

Find out more

Specific product development and innovation support, including the BIG IF Start-Up and Academy, is available to manufacturing and engineering businesses through the BIG IF Start-Up FundContact us here
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Innovation really is something companies should work around with, in regards to launching a product. In this case, the product is the star, so companies should really know how the market works.

This is when new product ideas are tested if it is viable or not? I have done one back in college. Those were the days and I too ask these questions. Very nostalgic.

Well, good information in pinning down some of the fundamental questions in the feasibility of new product ideas. In this way the success of a new product being marketed can be realized.

Wise questions, Developing a product requires an investment of time, money, and resources so it’s better to ask yourself these questions before starting to develop new product ideas.

There are many myths of innovation and people tend to be hindered by them when having an idea. It is good not to focus on them and rather focus on your idea wholly.

Doing a product feasibility study is very important for a new Product development. It is good to always find out first if your product will sell 

These five steps are very useful for everyone, even those who do not have a business yet. And the question that most interested me was how to make money from my idea is what many people are looking for after the aftermath of COVID 19.
 

I always think on how to make money from my idea and these questions are really good to start with. Thanks for sharing these fundamental questions. Great post!

These are necessary questions to ask with any growing business. It’s great that recent technology can determine which stats will benefit your company’s audience, production methods and feasibility. People who neglect to seek out help from a company like Innovolo, will probably be asking themselves; “why is innovation so difficult?” Having a third party is the key to success, so you can focus on existing work, while having innovators at your side.

These questions should be a requisite of any new innovation. Great job sharing them.

New product development can be a flop if these questions are not considered. The most important question is whether the product will sell.

To add to these, a product design that will be a hit with the consumers should also be considered. Great questions indeed.

In developing a problem solution, an innovator should ensure that they are solving an actual problem. That goes a long way in guaranteeing the viability of a product.

I agree that these questions should all be answered satisfactorily before moving to the actual physical product development. Failure to do so can mean financial disaster.

In my view, the questions should also be considered during idea generation. It’s a good way to stay on the right path when innovating.

It is very easy to create ideas. However, creating ideas that actually work is the challenge.

You do raise a very vital point in the fifth question. New product ideas should be such that they don’t overwhelm the consumer with product offerings.

These five questions are integral especially when getting into the idea commercialisation part of things. They do provide a good guide for product development.

Using these questions I can finally perfect how to make money from my idea. I am more than grateful to have found the article.

My view is that these fundamental questions should be mandatory before any feasibility study. I can foresee that helping a lot with New product development in the UK.

Create ideas for each new products. It will make your market grow fast.

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