Once a business has generated new product ideas, product screening is used as a method of spotting and dropping poor ideas as early as possible. As the costs of developing a product increase during each successive stage of development, the earlier a weak idea is identified, the better.
Businesses will either develop their own screening processes or commission another business to screen their product ideas for them in order to determine which products to develop and to bring to market. The screening process is likely to cover some of the following issues:
Other considerations a business should take into account include whether the product fits into its portfolio and meets its overall business plans and objectives.
Products should be rated against specific criteria such as that above and the business’ competence level in relation to each should be considered.
If you need advice on this or any other Commercial or Intellectual Property matter generally, please contact John Sykes on 0113 280 2113 email@example.com.
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.