29 Jun The basis for interest (BFI) document is used
Question
The basis for interest (BFI) document is used in many organizations as a tool to gain management approval for the new product development process for a given concept. It is typically action-oriented in that it requests the necessary funding to conduct research, build a production line, and so forth. Consequently, it is essential that the new product-marketing manager be able to sell the concept based on well-grounded reasoning. In many cases, some of the product development has preceded the basis document; hence, the manager must provide a status report on what has been done and what needs to be completed prior to commercialization.
Your task will be to assemble a basis for interest for the new product of your choice. Using the skills taught in this course, you should be able to gather data, analyze the data, discuss preliminary marketing issues, conduct a financial evaluation, and address implementation/commercialization.
The audience for the BFI is senior management who is serving as a cross-functional team tasked with making approvals on future new product development resources. From a stage gate perspective, this is a gate decision being made just before the development stage (Crawford, Bendetto, p. 191, Figure 8.1).
You may use information from your company only if it is not proprietary. You cannot say your idea is secret and cannot be shared.
Deliverables
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Week 1
As part of the Course Project proposal prepare a one-page Basis for Interest Topic form and submit it to the Week 1: Course Project Dropbox. Your instructor must approve your idea, and will give you feedback and suggestions if you need help.
Week 6
Based on the information provided in the Objective and the Guidelines sections on this page, submit a Course Project paper to the Week 6: Course Project Dropbox.
GuidelinesBack to Top
Use the following outline on the Course Project paper.
Recommendation Overview—15 points
This section summarizes who, what, where, when, why, and maybe how; it explains the purpose of the project.
The product concept should be spelled out very clearly.
Basis for the Recommendation—45 points
This provides your rationale as to why the company should pursue this product.
You will need at least three to five solid reasons to support your idea, including the following.
What is the customer need?
What is the customer benefit(s)?
What is the customer value?
What is the size of the opportunity?
Why will the customer buy?
Strategic Fit—25 points
Does this concept fit the corporate strategy, business unit product line? Why?
Forecast—20 points
Consider the revenue and unit estimates (5 years).
Consider the cost estimate, effects of learning curve.
Consider the capital requirement (ROI based on 10-year life).
Project Plan—25 points
What is required to get this concept developed and tested?
Consider timing issues and potential roadblocks.
Writing Quality—10 points
Citations and References—10 points
For all sources, please cite in text and include a reference page.
Grading RubricsBack to Top
Week 1 (50 points)—Prepare a one-page Basis for Interest Topic form for your Course Project that is due in Week 1.
Category Points % Description
Documentation and Formatting 5 10% A quality paper will include a title page, an abstract, proper citations, and a reference page.
Organization and Cohesiveness 10 20% A quality paper will include an introduction that is based upon a well-formed thesis statement. The logical order of the content will be derived from the thesis statement. The content will be properly subdivided into sections derived from the outline. In a quality paper, the conclusion will summarize the previously presented content, and it will complement the thesis statement from the introduction.
Editing 5 10% A quality paper will be free of any spelling, punctuation, or grammatical errors. Sentences and paragraphs will be clear, concise, and factually correct.
Content 30 60% A quality paper will have significant scope and depth of research to support any statements. Relevant illustration or examples are encouraged. A quality paper will employ sound use of reasoning and logic to reinforce conclusions.
Total 50 100% A quality paper will meet or exceed all of the above requirements.
Week 6 (150 points)—Your final Course Project is due in Week 6. Ensure that you have followed the above guidelines before submitting your Course Project.
Category Points % Description
Documentation and Formatting 20 13.3% A quality paper will include a title page, an abstract, proper citations, and a reference page.
Organization and Cohesiveness 30 20% A quality paper will include an introduction that is based upon a well-formed thesis statement. The logical order of the content will be derived from the thesis statement. The content will be properly subdivided into sections derived from the outline. In a quality paper, the conclusion will summarize the previously presented content, and it will complement the thesis statement from the introduction.
Editing 10 6.7% A quality paper will be free of any spelling, punctuation, or grammatical errors. Sentences and paragraphs will be clear, concise, and factually correct.
Content 90 60% A quality paper will have significant scope and depth of research to support any statements. Relevant illustration or examples are encouraged. A quality paper will employ sound use of reasoning and logic to reinforce conclusions.
Total 150 100% A quality paper will meet or exceed all of the above requirements.
Best PracticesBack to Top
The following are best practices in preparing this paper.
The paper should be a maximum of five pages, not including the cover page or appendix. (Yes, only five pages!) Due to the short length of the paper, you must be pointed and precise in your comments. Pictures, charts, and graphs may be helpful, but should be included in an appendix supporting your document. You must tightly focus your thinking in this limited space. Get to your point and recommendations quickly. Any writing past the fifth page will not count for grading. The paper must contain one and one-half space, 1.5 inch margins, and 12-point type using Times New Roman.
You must put your name, class, instructor, date, and a subject title on the cover page of your paper. Use the topics in the requirements outline as subheadings for clarity. Post your paper to the Dropbox in Week 6. Please do not e-mail the paper to me.
Cover page: Include who you prepared the paper for, who prepared it, and the date.
Table of contents: List the headings. (The table of contents is basically the Course Project outline.)
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