Concept definition

Concept definition is the first step in the new product development process. Concept definition is also necessary for analysis and selection of the project into the company portfolio. Project selection cannot be effective until a product and project go through this process. Concept definition occurs after ideas have been collected and documented, and a portfolio of potential new product concepts has been evaluated and prioritized. The concept definition process addresses how a new product or service idea would work in a market and customer setting. Enough detail is provided to flesh out and evaluate the concept without doing detailed design or engineering.

Initially some kind of documented idea generation process produces a pool of concepts for consideration in developing the company's portfolio of potential new product projects. Resources are allocated to explore the concept as part of the funding of a portfolio of projects, along with ballpark deliverables and timelines. The concept is framed in the company's strategic and business plan and related to favorable and unfavorable developing market trends.

Business Brains

Business Brains

To Build Your Business It Is Crucial That You Have The Correct Info And Tools And Learn How To Build A Correct Business Plan! This is one area you must pay attention to… There are many areas of a business plan that you may not know about but need to know about. For instance... you may have no idea about an executive summary.

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