04 May WHAT IS THE MARKET SHARE OF EACH COMPETING PRODUCT?
Establish engineering targets (benchmarks)
f. Define Product Design Specification (PDS)
2. Develop Concepts
a. Determine and system functions (decompose to lowest level)
b. Generate concepts
c. Evaluate concepts
i. Screen for feasibility, technological readiness
ii. Use the decision matrix
d. Determination of preliminary design (prototype if necessary for functionality test)
3. Market Segmentation
a. Potential customer base
Who will buy this product? Why?
Have you listed all potential classes of customers?
Can we tap into a new segment of the market? How?
b. Market constraints on product.
Who is buying this type product? (customer base)
What is currently selling?
What is currently not selling?
c. Expected product competition (These will be benchmarked)
If you were a customer, which of the competing products would you buy?
What is the market share of each competing product?
What are the strengths of each competing product? Can we incorporate them?
What are the weaknesses of each competing product? Can we improve?
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