Your Product Innovation Evaluation
Here are 10 Key Questions to help identify needs, wants, and aspirations for designing, improving, or commercializing your physical product:
Market Demand: What problem does your product solve, and how urgent is the need for a solution?
Competitive Edge: How does your product differentiate itself from competitors in function, design, or pricing?
Target Audience: Who is your ideal customer, and what are their key pain points or desires?
Feasibility & Costs: Do you have the technical and financial resources to develop and produce this product efficiently?
Prototyping & Testing: Have you created a prototype and gathered user feedback to refine the product?
Profitability & Pricing: What is your pricing strategy, and how does it align with cost, perceived value, and market expectations?
Marketing & Distribution: How will you introduce and distribute the product to reach your target audience effectively?
Sustainability & Longevity: How does your product align with sustainable practices or long-term business goals?
Scalability & Adaptation: Can your product be easily adapted, improved, or expanded into a product line in the future?
Risk & Resilience: What potential risks could impact your product’s success, and how will you mitigate them?