Steps Involved in Product Selection
There are three basic steps involved in product/venture selection. These are idea generation, evaluation and choice.
Idea Generation: Product ideas or investment opportunities come from different sources such as business/financial newspapers, research institutes, consulting firms, natural resources, universities, competitors. etc
The starting point for idea generation could be a simple analysis of the business’s strengths and weakness. Ideas could also be generated through brainstorming, desk research and various types of management consensus procedures.
Essential Product Selection Criteria
Factors to Consider In Product Selection