Steps Involved in Product Selection
There are three basic steps involved in product/venture selection. These are idea generation, evaluation and choice.
Idea Generation: Product ideas or investment opportunities come from different sources such as business/financial newspapers, research institutes, consulting firms, natural resources, universities, competitors. etc
The starting point for idea generation could be a simple analysis of the business’s strengths and weakness. Ideas could also be generated through brainstorming, desk research and various types of management consensus procedures.
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