Month: September 2013

What is Idea Screening ?

Idea screening is a process that evaluates and contrasts new product ideas to get the most promising ones for your business. Not every idea is relevant to your company. In order to screen out a good idea from the not so good ones, there are certain criteria that should be followed like technical problems, strategic fit, and several market opportunities. Due to scarcity of available resources, it’s difficult to develop several products at the same time. Through a successful idea screening process, it helps in focusing the whole product development process with a higher possibility of achieving success. The idea screening process helps to reduce the amount of irrelevant ideas into a convenient amount which can further turned into prototypes. The purpose is to eliminate the number of ideas without screening away the potential ones. During the idea screening process, the company must focus on the following questions: •    If the target customers will benefit from the product? •    What will be the size and growth forecast of the target market? •    The current and future competitive pressure for the product idea? •    Is it technically possible to manufacture the product •    Is the product idea based on current market trend? •    Whether the product idea will be profitable when delivered to the target customers? •    The most identifiable needs/wants of the customers. •    Product’s improvement or modification required....

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The Clarkson 7 Principles

Max Clarkson, a former faculty member at the University Of Toronto formed these rules about Stakeholder management. The following principles were addressed to the managers specifically: Clarkson Principle 1 The managers are supposed to acknowledge and carefully monitor the concerns of all the legitimate stakeholders; they must consider their interests seriously in decision-making and actions. Clarkson Principle 2 The managers must listen and openly corresponds to all the apprehensions with the stakeholders and should communicate about the risk which they assume will happen because of their participation with the corporation. Clarkson Principle 3 The managers should adopt such practices and modes of behavior that are relevant to the concerns and competencies of each stakeholder’s electorate. Clarkson Principle 4 The managers should accept the interconnection of hard work and rewards that are being put in amongst the stakeholders. The project managers are supposed to treat the stakeholders fairly. Clarkson Principle 5 The managers should collaborate with the public and private entities in order to insure the risk that can arise from corporate activities so that can be easily reduced and where they cannot be overcome, and  accurately compensate it. Clarkson Principle 6 Managers should avoid any activities that might endanger undeniable human rights (the right to vote) which may arise some risks if not clearly understood, would be deliberately unacceptable to respective stakeholders. The managers should clearly make outlines to...

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Advertising Specialty

Advertising Specialty is known to be used for promotional and giveaway products to strengthen a company’s presence to reach to its specific target market. Nowadays companies are following the trend of exhibiting promotional items of some kind as this is the most cost effective way of advertising a product .The success of any ad depends if it’s being endorsed at the precise moment when a consumer needs/wants what its offered in that advertisement. All other forms of advertising is performed today, and gone tomorrow while the Advertising specialty is only seen as a permanent solution for keeping a business alive .The Advertising specialty represents the remarkable and equally cost effective way of advertising and thus, it helps the industry to continue to grow even more as the businesses apportion a higher profit of their advertising budget for this kind of promotion. The specialty products are ordered through printing businesses that include each company’s logo, name and all important contact information. The most common specialty merchandise that is given to the prospective customers is clothing, bags, stationary items, coffee mugs, pens, key chains, caps etc.As the advertising specialty is done at affordable prices, the most customized low priced specialty item is pen. Similar to any other specialty merchandise, the larger the quantity of a product, the lower will be the price per merchandise. The most convenient option for a business...

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Consumer Oriented Marketing

In the recent past, mostly companies used to adopt a product oriented approach to introduce and promote a product in the market. This was considered to be a naive endeavor of creating and marketing a product without any research done to find out what actually the consumer wants or any other related information to seek profits. This is how the consumer oriented approach came into practice in marketing. Before implementing on the consumer oriented marketing strategy, following are certain fundamentals to abide by: Which market segment the business should target at? Whether the consumers they target belong to a specific gender, age and culture? This can be found out easily by conducting a thorough survey at location or areas where the products or services are being sold out. How commercial are those markets? Generally, the biggest markets are more profitable for the business. Moreover, what are the buying habits of that market? For instance, when you are aware about the need of a consumer for a certain product or service it can be advantageous to know that information earlier. Not long ago before this strategy was constructed, the marketing activities were done simply to promote the products and to increase the market share. In today’s competitive environment, the marketing activities are structured to fulfill the needs/wants of the consumers. The modern marketing has now emphasized the importance of consumer...

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