Part 5. Product Innovation and Management
Published Online: 15 DEC 2010
Copyright © 2011 John Wiley & Sons, Ltd. All rights reserved.
Wiley International Encyclopedia of Marketing
How to Cite
Robben, H. 2010. Opportunity Identification. Wiley International Encyclopedia of Marketing. 5.
- Published Online: 15 DEC 2010
We discuss the process of opportunity identification, the first phase in new-product development. Whereas many sources assume it is the generation of ideas that is most difficult, it appears that selecting the most promising among them is the key issue. The probability of choosing the most viable ideas (or opportunities, or strategic options) increases with using predefined, relevant criteria. Such criteria should follow from a company's product strategy or product innovation charter.
We present and discuss a systematic way of assessing new opportunities, based on four criteria. These criteria are business opportunity, feasibility, competitiveness, and leverage. Recent research suggests that business opportunity and feasibility are most important in judging strategic options ex-ante, whereas competitiveness is a good predictor ex-post.
- opportunity identification;
- strategic options;