About a week ago I wrote about external assessment or consumer screening of concepts at an early stage of concept development. Today I want to add a few thoughts regarding the internal assessment of concepts i.e. the assessment of which concepts can actually be most profitable for the company in a short- and long-term perspective given internal capabilities and resources. I’ve added a shortlist of assessment criteria that I use but simply see these criteria as a suggestion, and have a think about if there are different criteria that you need to add given your companies specific circumstances. The criteria I often use are:
Strategic Assessment Criteria
- Is the concept in line with the vision / strategy of the company?
- Does the concept meet a large opportunity area or gap in the market?
- Is the concept strong or competitive enough to beat off the competition?
Capabilities Assessment Criteria
- Can the concept be developed given our technological platform, purchasing, production and packaging capabilities?
- Can the concept be developed given time to market demands and estimates?
- Cost of developing concept?
- Can the concept be brought to market successfully given sales and marketing capabilities?
Launch Assessment Criteria
- Is the concept strong and differentiated enough to get listed? (fmcg concept)
- Level of marketing and sales support investment?
- Estimated time before ROI?
These are just a few of the assessment criteria I would consider using. But as I mentioned above, the criteria that you use need to be discussed and finalised internally with your colleagues and with the managers who control internal resources. And there are surely specific assessment criteria that your company need to add given your market objectives and circumstances. Good luck!