Marketing - Judging the Value of New Ideas
How do Marketers judge the value of new ideas?
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Table of ContentsHow Marketers Judge the Value of New Business Ideas?
How Marketers Judge the Value of New Business Ideas?
Marketers are often charged with coming up with new business ideas or opportunities. This can be brand new businesses or new business activities within an existing business.
There are many ways to judge whether a new business idea or opportunity is feasible and worth pursuing. Some of the primary metrics used to make this evaluation include:
- Sustainable Competitive Advantage - Will the idea lead to a sustainable competitive advantage for the business?
- Return on Investment - What is the projected return on the initial investment to take advantage of or pursue the opportunity?
- Time to Profit - How long it take for the business opportunity to return profits (or the revenue exceed the costs)?
- Environmental Impact - What will be the impact of the business or activity on the external environment?