process technoperurship

Topics: Marketing, Innovation, Strategic management Pages: 3 (812 words) Published: March 11, 2014
In technopreneurial process begin from the idea generation, idea screening, concept testing, business analysis, protoptyping, test marketing commercialization and evaluation process. Idea generation can be identify by using a SWOT analysis to create new product. The concept of new product lines need market and consumer trends, R&D departments, competitors and focus group. New produt innovations are responsible for employement, economic growth, technological process and high standards of living. Innovation is important for the development of successful new products.

Idea screening is a product development process were products are evaluated according to a certain set of criteria on wheather they will succesfull in the marketplace. Idea screening criteria are used to determine compatibility with overall business objectives and whether the idea would offer a viable return on investment. For example, if a company wants to introduce the product in the market, the management collect new ideas they can use, so among those many many ideas they have to look at each one of them closely, evaluate and scrutinizing them and eliminate those that are not effective, in order to remain with the most effective idea.

Concept testing is crucial for evaluating consumer response to a produt before market inroduction. Using focus group to generate user feedback is a method of going about concept testing. It can be useful in altering existing attitudes towards existing products in market. For example, its a new soft drink made from fruit juice but taste like a cola, or there could a picture of new product.

Business analysis is a prediction about whether the product is likely to be profitable or not if ultimately produced. Besides addtional information is gathered to decide wheather the significant cost that development will require are justified.

Prototyping is basically the example or tester of something made or the first actual model of that invention. Prototype is an...
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