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Criteria to Select a ProductQuestions related to New Product SelectionDoes it meet our corporate vision and business strategy?Can we master the technology?Does it meet a customer need? Can we make money quickly?Does it go where the brand leads?Criteria to Select a ProductWhat kinds of products do you like, enjoy, consume and benefit from?Do you like the product or service you're planning to sell?Can you see yourself getting excited about this product or service?Would you buy it and use it yourself?Would you sell it to your mother, your best friend, your next-door neighbor?

Is there a real demand for the product at the price you'll have to charge?Is the demand large enough for you to make a profit?Is the demand concentrated enough so you can advertise, sell and deliver the product at a reasonable expense?

Can you see yourself selling this product or service for the next five to 10 years?Is this a product or service that you intensely desire to bring to the marketplace?Then analyze the product or service from the customer's point of view:What does the product achieve, avoid or preserve for the customer?How does the product improve your customer's life or work?What kind of customers will you be selling the product to?Do you personally like the customers who'll be buying this product or service?

Product Life Cycle Assessment

Phase 1- Raw Material Acquisition

Phase 2-Manufacturing

Phase 3 - Use/Reuse/Maintenance

Phase 4 - Recycle/ Waste Management

Criteria to Select a ProductInvestment SizeLocation ( Market Domestic or Exports)Technology Production Adoptability by customersPricePackaging Design

StagesNew Product IdeaIdea ScreeningConcept Developing and TestingBusiness AnalysisProduct Development ProgrammeTest Marketing Commercialization