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Problem

Describe a scoring model. What role does it play in the new product development process?

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Step 1/3

A scoring model is a method used to evaluate and rank potential ideas for new products in a quantitative way. It typically assigns a numerical score or weight to each idea based on predefined criteria such as feasibility, market potential, alignment with company strategy, and potential return on investment.

Step 2/3

Scoring models are used in the new product development process to help companies make decisions about which ideas to pursue and which to reject. It allows companies to objectively evaluate and compare different ideas, rather than relying on subjective opinions or gut feelings.

To use a scoring model, companies first identify the criteria that will be used to evaluate the ideas. These criteria are typically based on factors such as market potential, technical feasibility, alignment with company strategy, and potential return on investment. Next, a numerical weight or score is assigned to each criterion. Then, each idea is evaluated against the criteria and is assigned a score or weight. The ideas are then ranked based on their total score.

The scoring model can be used at different stages of the new product development process, such as during the idea generation stage, to screen out ideas that are not aligned with company strategy or have low market potential, or during the prototype or testing stage, to evaluate the potential of the product based on customer feedback.

Step 3/3

A scoring model is a method used to evaluate and rank potential ideas for new products in a quantitative way by assigning a numerical score or weight to each idea based on predefined criteria such as feasibility, market potential, alignment with company strategy, and potential return on investment. It helps companies make more objective decisions about which ideas to pursue and which to reject in the new product development process.