Successful business is managing the innovation. We measure the potential and attractiveness of a new product itself and across a portfolio of your other products as well as competitors.
Innovation need to be evaluated on a wide range of potential criteria
- What is the attitude of the target group toward a specific new product. What does a person think about a specific product, but also how the peergroep might respond to it.
- The degree to which the target group believes that using a particular product would be consistent with their values.
- The degree to which the target group believes that using a particular good or service creates an advantage and how new and different a product is compared to current products.
- The degree of concern the target group may perceive about how a particular product with particular attributes will function
- Attitude of the target group about the willingness to buy the products from a particular company.
The degree of market cannibalization. What is the negative impact of a company’s new product on the sales performance of its existing and related products. It refers to a situation where a new product “eats” up the sales and demand of an existing product, potentially reducing overall sales, even if sales of the new product are increasing.