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Product Planning

This chapter explores essential approaches to evaluate product concepts through a structured charter review. Key methods include concept testing, scoring models, and financial analysis, each providing valuable insights into customer preferences and market viability. The "Pass/Fail" evaluation assesses concepts against established criteria while incorporating customer feedback on strengths and weaknesses. Advanced techniques like snake plots and financial models (ATAR and ECV) aid in decision-making and predicting commercial value, ensuring a thorough assessment process for effective product development.

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Product Planning

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  1. Product Planning Chapter 6

  2. Product Development Charter Review • Five general approaches to evaluate concepts • Charter review • Concept testing • Scoring models • Snake plots • Financial analysis • Can be utilized in combination with each other

  3. Charter Review • Evaluates the concept against the criteria established in the product development charter • “Pass/Fail” approach

  4. Concept Testing • Incorporates customer opinions (very important!) • What works or doesn’t work • Strengths and weaknesses observed • Likelihood to buy • Suggestions for improvement • Different types of concept tests • Narrative, picture/sketch, prototype, virtual reality image

  5. Scoring Models • Different criteria and scores for each criteria observed • Usually a cut-off level for concepts to proceed to next stage

  6. Snake Plots • Extension of scoring model approach • Plotting multiple unweighted scores • Looking for profile that is most appealing • Example page 98

  7. Financial Analysis • ATAR model and ECV model generate real rough numbers • ATAR is awareness, trial, availability, and repeat purchase • ATAR does not factor in competition or up-front R&D costs • ECV is expected commercial value • It is a loose net present value approach

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