MKTG6004 Lecture Notes - Lecture 8: Australian Tertiary Admission Rank, Target Market, Opportunity Cost
Document Summary
A comprehensive evaluation based on all the existing information in phase 3, after concept testing before actual development. Using a checklist factors (scoring model) to evaluate the new product concepts which have passed initial screening. Why do we need a full screen: to decide whether technical resources should be devoted to the project, technical feasibility, market (commercial) feasibility, to help manage the process, to encourage cross-functional communication. Necessary evil: time consuming, but can decide whether resources should be allocated. Steps in the process: firm develops a suitable scoring model for their firm based on past product performance, scoring model is agreed and locked-in", new product concepts, when information is ready, are scored by various managers. Staff specialists (it, distribution, procurement, pr, hr) Far more objective, considers a balanced set of factors pre-determined by the firm, compares against previous products ( comparable") Mainly scientific removes instinct" decisions of experienced managers, big problem is the model is poorly designed or interpreted.
