THINGS TO CONSIDER DURING A PRODUCT VIABILITY ANALYSIS Flashcards
What are the questions you need to answer in considering a product’s viability?
Is the product idea practical?
What obstacles or challenges lie ahead?
Will it need support services of some kind to ensure customer satisfaction?
What are 8 things you have to consider in product viability analysis?
Product size and weight
Product fragility
SKUs
Product lifespan
Seasonality
Price point
Competition
Yourself
SKU stands for?
Stock Keeping Unit
It is tightening profit margins across all industries.
Free shipping
These will have an impact on how much you sell.
Size and weight
It is when a product needs extra attention when shipping to ensure they arrive in perfect condition.
Product Fragility
It typically refers to color, size, gender, and other variations of a single product.
SKU
It is having a consumable or disposable product that is often perceived as a great choice from a business perspective.
Consider product lifespan
It means that there are different levels of demand for a product throughout the year.
Consider seasonality
It is when you are making sure that your prices are still attainable for your target customer.
Price point
In determining the market viability, keep in mind how you can maintain…
Functionality and Quality
Don’t let this deter you– after all, blank is a good thing.
Competition
On top of choosing a product that is viable to the market, you should consider…
YOURSELF
