Analyzing Your New Product Assessment Form

If you require no-cost, confidential business consulting from a certified business professional, please complete the form and submit. Someone will contact you shortly. NOTE: ALL INFORMATION PROVIDES IS STRICTLY CONFIDENTIAL

Thank you.

CONTACT INFORMATION

First Name *REQUIRED*

Last Name *REQUIRED*

Organization

Address (Line 1)

Address (Line 2)

City

State

ZIP Code

Phone

Fax

E-mail Address *REQUIRED*

PRODUCT DESCRIPTION

Briefly describe your product

PRODUCT PROTECTION

Have you undertaken a preliminary patent or copyright search?

Have you consulted with legal representation regarding your intellectual property issues?

Have you contracted with an invention submission company or are you considering doing so?

Stage of Development?

What are the prospects for protection of your product?

Are there other patents or copyrights that your product infringes on?

What best describes your desire to pursue infringement or your patent or copyright?

Can your products be patented or copyrighted?

Have you consulted with legal representation regarding this?

Do you have the financial resources to pursue legal action against infringement of your patent or copyright?

LEGAL ENVIRONMENT

Describe the safety of your product:

On what basis has it been declared safe?

What impact will your product have on the environment?

Have you researched the legal environment that applies to your product?

PRODUCT DEVELOPMENT

In what stages of development is your product?

Will your product actually do what it is intended to do in its current form?

How do you expect to finance continued development of your product?

How long do you anticipate it will be before your product is ready for production?

PRODUCT PRODUCTION

Can your product be produced given current manufacturing technologies?

How do you plan to produce your product?

TARGET MARKETS

What type of market is your product designed for?

Check all that apply:

Industrial
Business
Consumers
Government

Describe the size of the potential market for your product.

What category best describes your customer's needs for your product?

What unmet customer needs does your product satisfy?

Have you tested the product/concept with the market?

What is their feedback?

How familiar is your market with the product concept?

Describe a typical customer for your product.

This customer should represent a type of person or business from whom you expect the majority of your first year's sales.

MARKET POTENTIAL

What trend best describes the market's demand for your product?

How stable is the demand for your product?

How long do you believe your product will be in demand or needed by your primary market?

How compatible is your product with the market's existing attitudes toward products of this type?

Current attitudes are:

How easy to assemble or operate is your product?

To what degree is the sale of this product dependent on the availability of other products, processes, or services?

MANAGEMENT

Will you need someone to assist you in getting the product commercialized and to market?

What type of management assistance do you need?

COMPETITION

List the products with which your product will be competing.

Include both direct competition and substitutes.

Describe competitive barriers to entry

What best describes your product's appearance compared to competition and substitutes?

How does your product function compared to your product's competition and substitutes?

How does the price you plan to charge for your product compare to competition and substitutes?

What is the threat from new competing or substitute products?

DISTRIBUTION

How do you plan to distribute your product?

What will the cost and difficulty of establishing distribution channels?

In relation to expected sales:

How will your product be shipped?

How established are distribution channels?

Describe the flow of money (margins, commissions, markups), through the distribution channel.

Have you identified how your product provides a significant financial opportunity to all in your distribution system

PROMOTION

How easily can the advantages and benefits of your product be communicated to your market?

SERVICE

How do you plam to service your product?

What warranty will your product carry?

Warranty Length

What is the relative cost and difficulty of providing service for your product?

PRODUCT BREAKEVEN CALCULATOR

How much have you already invested in developing your product?

How mnuch do you estimate further development will cost?

What will it cost to prepare for production?

Add together to calculate development costs.

What will you make in net profit for each unit sold, or what will you receive in royalties or licensing fees for each unit sold?

Year 1

Year 2

Year 3

Year 4

Year 5

How long will it take to sell enough units to break even?

Select the choice that best describes current cababilities of you and key partners or managers in your company.

Accounting and Bookkeeping

Adequate knowledge
Counseling needed
Training needed

Computer Experience

Adequate knowledge
Counseling needed
Training needed

E-commerce

Adequate knowledge
Counseling needed
Training needed

Financial Management

Adequate knowledge
Counseling needed
Training needed

Marketing and Promotion

Adequate knowledge
Counseling needed
Training needed

Operations

Adequate knowledge
Counseling needed
Training needed

People Management

Adequate knowledge
Counseling needed
Training needed

People Management

Adequate knowledge
Counseling needed
Training needed

Personnel Policies

Adequate knowledge
Counseling needed
Training needed

Planning

Adequate knowledge
Counseling needed
Training needed

Pricing

Adequate knowledge
Counseling needed
Training needed

Sales

Adequate knowledge
Counseling needed
Training needed

Taxes

Adequate knowledge
Counseling needed
Training needed

Other

Preferred Response

The information submitted will be kept confidential. We do not sell or mine contact or any other information. A certified business consultant will contact you shortly.

Thank you

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310 W. Bacon Street
Hillsdale, MI 49242

Phone (517) 437-0990
E: info@espotmi.org

**Equal Opportunity Employer/Program. Auxiliary aids and other accommodations are available upon request to individuals with disabilities. Funding through the Michigan Department of Energy, Labor and Economic Growth.

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Analyzing Your New Product Assessment Form

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