The Crucial Role of Domain Knowledge in Evaluating Early-Stage New Product Ideas

Download or read book The Crucial Role of Domain Knowledge in Evaluating Early-Stage New Product Ideas written by Florian Denker and published by Springer. This book was released on 2017-10-30 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Florian Denker explores the role of an individual’s domain knowledge for the proficient evaluation of early-stage new product ideas in the front-end of innovation. The results of his study show that in order to ensure an effective evaluation, evaluators of early-stage new product ideas should have comprehensive knowledge of consumers’ needs and wants, as well as distinct knowledge about the opportunities and limits of available technologies in the respective domain. In this context, the results show that not only firm-internal experts can have this knowledge. Users and, in particular, so-called "lead users" (i.e. users who are ahead of the majority on major market trends and innovations), could also be suitable for effectively evaluating early-stage new product ideas.