Idea Evaluation Support
Idea evaluation and support
Launching a product at the right time and situation is the most important decision to implement. If for some reason the product launched by a company goes wrong or the choice of the right product goes wrong, there is a risk or financial loss.
At APQ we suggest a package providing some guidance that supports evaluation an idea for developing a new product, the mentioned package includes following subjects:
1. Potential market size
The first and most important decision to be made is to choose a suitable product idea. And to implement this decision, each OEM must gather all the information about the potential size of the market. By understanding the potential size of the market, a company can understand the exact needs of the products that their company is going to offer in each market.
2. Potential Demand
Before deciding on unique product ideas for production, business owners need to understand the potential demand for that particular product. Understanding the potential demand for that particular product idea to be launched by that company makes it easy to make a profit. Therefore, understanding the potential demand for new product ideas is crucial so that there is no risk of losing or failing that product idea.
3. Understanding growing market
Launching a new product idea, it does not seem easy before launching such a product idea. Understanding earthwork is essential. The most important ground for choosing the right product idea is created by the growing market line. By understanding the growing market, an OEM acquires a product idea that can meet the needs and wants of customers. And finally, make a lucrative deal on the new product ideas that need to be launched.
4. Keep track of competitors
By pursuing potential competitors, an OEM can begin to eliminate factors that could be a potential risk to the company. Ideas for starting a new product can be considered as a risk factor due to the existing competition for the product. These competitors can be a big threat to a new idea in the market. Therefore, by maintaining all the details about a competition in the market, a psychological flow is created in the supply of the new product.
5- Target buyers or potential buyers
A launching of a new product idea requires a lot of market research, such as understanding the product and targeting the buyers who will be considered as potential customers for the product. Target marketing is a familiar element in the business market, it defines that choosing a group of customers or target who can really be profitable while selling that particular product.
6- Specification of the product
While choosing a product specification, an OEM should keep himself / herself in the place of customers. If a car manufacturer could understand the point of view of potential buyers, then a product specification goes smooth as planned. It is necessary to understand all the main elements of the product. These product specifications help a potential buyer to decide the type of product which he / she lies to buy and it makes a clear division of its validity.
7- Market Target Price
A selling price of the product is an amount which is a marginal profit ratio of the actual selling price. Profit is calculated from the amount which has been deduced the selling price from the actual product price. And ultimately it comes to the profit which is the main motive of any business.
8- Durability of the product
While manufacturing a product, a manufacture need to keep in mind that they should satisfy the needs and wants of the customers. As the common thinking goes a buyer likes to buy such product which relates his price range. For example, a buyer buys a product of a value and all of the sudden the product bought didn’t delivered itself as it was promised, and at that time the question comes that the product is having a very poor durability. To avoid such things, it is necessary to keep in mind that quality, quantity and durability with reasonable price are the most common elements that a buyer or customer expects in their product.
9- Accurate launch time of product
For example, as the monsoon season starts people starts buying umbrellas. Therefore, if a person willing to start a business of umbrellas then it is a right time for his / her business. It is very necessary to understand the right time for the launch of products. Therefore, if an OEM fails to judge that accurate time of launch, then the business may face serious loss. To avoid such stupidity a launch of a product should be accurate as per the needs and economic situation of the customers.
Finally, it should be said that in APQ, experts in various fields such as technology, art, business, marketing, psychology, etc. work closely together so that we can cover different aspects of this field and prepare the necessary report with the highest accuracy and Enabling our customers to make the best decisions at the best time and situation.