The Opportunity Analysis component of the Planned Innovation Process® is designed to determine the requirements for success with a new product/service opportunity, preferably before major expenditures have been committed to the opportunity. Methods used here are best characterized as being market-oriented, scientifically based and entrepreneurial in nature.
Each analysis is guided by a firm's Opportunity Selection Criteria (OSC) and the Planned Innovation® Needs/Requirement Model (NRM) for successful innovation. Together, the OSC and the NRM provide a framework for constructing hypotheses to guide research relative to proposed products/services that are new to the firm and/or the market, or to modifications and extensions of existing products/services. The resulting output from this activity is an objective evaluation of whether the proposed opportunity is appropriate for the firm to undertake at this time. If so, the analysis is typically extended to identify the total requirements necessary for the firm to achieve success with the proposed opportunity.
Methods used in the research draw from a broad background of knowledge and experience in statistical research methods, information theory, operations research, market research and engineering. Different procedures are usually needed based on the type of product-market: industrial/commercial vs. consumer, medical, or military/defense.
Exceptional speed and cost efficiency is achieved by first defining and obtaining information regarding critical requirements (competitive, manufacturing, marketing, technical, costs, etc.) that would "make or break" an opportunity, before proceeding to define the total requirements necessary for success. In all cases, our (market-oriented, scientific) methods provide a means to go beyond the customers' or (users') understanding of their own needs and requirements. This leads to obtaining critical information more quickly and efficiently than traditional research methods.
The end result is to stimulate an entrepreneurial environment by reducing risks and increasing confidence and consensus among all managers regarding the future success of their actions.
If changes are required only in existing product-market strategies, more detailed analysis is provided by the Product-Market Analysis component of Planned Innovation® described here.
For more information regarding Opportunity Analysis, see Achieving Planned Innovation, or please contact us.