Assessing Product Opportunities – 10 Fundamental Questions

Design company, Photo by Scott Graham on Unsplash

As a business when you are re-inventing specifications of your product that is already in the market to meet the consumer demand, you need to think on various aspects. For survival, your product might need anything from light weight changes to heavy weight improvements. But to make the survival possible you need to have some ideas or some concept.

If you have got the idea, you need to test the ideas to check its viability. Why you choose certain ideas over others? What were the reasons to build the product in the first place? These are some questions that are likely to pop up while you are checking out the opportunities a new product might have in market.

Abundance of Opportunities

There are always new opportunities available for new products in the market, regardless of the market being mature or new. This is because the market is always open to changes. And it welcomes new features, technologies and new ideas with open arms. To take the advantage of the opportunities managers of the company must ensure that they check viability of the idea and condition of the market to evaluate all the opportunities and hand pick the promising ones. With new technologies emerging constantly and new talents joining the company, a company can not only find golden opportunities but also use them in their favour.

10 Fundamental Questions

While there are many factors you should keep in mind while conducting new product assessment. You must ask the following 10 fundamental questions to make things easier.

  1. What is the exact problem that the new product is trying to solve?
  2. This helps in accessing the value that the new product brings to the table.

  3. Whose problem will the product solve?
  4. This question helps in crafting out the target market of the product.

  5. What are the opportunities available for the product in the market?
  6. This question helps in finding the answer regarding the market size.

  7. Are there any alternatives to your product in the market?
  8. This question helps in checking out the competitive landscape your product might have.

  9. Why the company needs to pursue this step?
  10. This question answers why the company needs to bring a change in the current features of a product or a service.

  11. Why the company should act now?
  12. This question is a window to the market. How the market is changing and in what ways the company can keep up with it.

  13. How the product will be introduced in the market?
  14. This question deals with providing answers regarding the strategy a company needs to adopt for taking a product from research phase to marketing phase.

  15. How the success will be measured?
  16. The company must decide what will be the metrics of success and how the return on investment will be calculated.

  17. What will be the factors that are important for success?
  18. This question answers whether your product is able to provide solutions that your consumers need.

  19. Are there any scopes of improvements?
  20. A successful product is a result of series of testing and improvements. A company must always check whether there are further scopes of improvements or not.

Read: Evaluating Market Viability

The foundation of product development and assessment is based on finding and pursuing good opportunities. This allows companies to enhance the experience of their customers and introduce a profitable product in to the market.