Scoping

This phase acts as a reality-check before you commit any serious effort to your project. In it, we perform three major assessments:

Market Assessment - The obejctives are to determine market attractiveness by looking at its size, distribution channels, growth/decline patterns, and identify fads v. trends; Estimate the product's acceptance level based on customer needs and interest; and Survey the competitive landscape identifying the major players, their relative size, and product offerings.

Technical Assessment - We'll thoroughly examine the product concept's specifications and requirements and determine the following: Which components need to be sourced? Which aspects can be developed in-house v. outsourced? We'll also review any important technical or health risks, intellectual property issues, regulatory requirements, and the likely production cost.

Business & Financial Assessment - After having evaluated the product's market and its technical considerations, we'll want to condcut a core competencies assessment addressing the capability to effectively execute this project. If partnering or outsourcing is necessary, we'll explain in basic terms how these additional relationships would affect your business. Additionally, we'll perform a rough financial analysis looking at potential sales, investment required, costs, and payback period to get an idea if / how the project makes business sense.

Our next phase: Business Case & Plan