It includes the following stages: -
Idea Generation: - it tells us the idea of a particular person about a particular product which may be relating to line filling or line pruning so that focus is made on specific projects or normally an idea to compete with the rivals in the market.
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| Source:- qsinnovations.com |
Idea Screening: - It is all about giving life to the idea in the form of some document or some Information of what it is all about.
Business Analysis: - It is all about whether the idea is feasible after careful marketing research and see whether the customer needs and wants are fulfilling the several aspects like political, economic and technological – can be the required technology needed for the product to be built which is actually being technologically advanced, social- issues relating to csr. It also does the SWOT of the product so to see that after careful evaluation of external factors we can predict the opportunity and threat for the product whereas the internal factor tells us about the strengths and weaknesses. It also focuses also on building strategic alternatives by matching an internal factor with an external factor which helps us in coming up with relative alternatives to support the main strategic objective. E.g. A company can match the internal factor flexibility with an external factor which is govt law which helps us in planning all the business processes according to the new law which would occur in the future time.
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