Evaluate your Business Opportunity based on three central characteristics:
Potential economic value (i.e., the potential to generate profit),
Newness (i.e., some product, service, technology, etc. that did not exist previously), and
Perceived Desirability (e.g., moral and legal acceptability of the new product or service in society)
Mental arithmetic or just comparing certain features in mind will not yield a firm base to take a sound decision while selecting a Business Opportunity
a) Systematic evaluation of different Business Opportunities Identified, b) Scoring them, c) Tabulating, d) knowing where oneself stands regarding each Opportunity, e) at what level should oneself work further regarding each opportunity – all important steps of successful selection of a Business Opportunity in a Systematic manner rather than by thumb rule or heuristics.
This tool is for the purpose of evaluating, in a systematic way, the
1) New Product / Solution you have come across and think as a ‘Business Opportunity‘
2) New feature you feel to be changed or fine tuned, as to increase ‘Business Opportunity’
3) To update or upgrade your existing product / solution on the the ‘Scale of Business Opportunity’
Maximum Score is 60. If your choice earns above 55, then it is ready to be sent to Marketing Process
If lesser than 55, then you need to improve the features / products to get accepted by the customers in the competition. That means, you have to put more efforts on improving the ‘Business Opportunity’ for your chosen Product / Solution.
Higher the value, the new Product / Solution has higher differentiation and acceptance.
The scores and interpretations are only indicative and not exact.
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Opportunity Identification and Opportunity Creation are dealt separately.