In this section, our evaluator will provide their opinion on the following seven points:

 

- Potential Market

- Product Range

- Product Lifecycle

- Commercial Lifecycle

- Research and Development

- Capital Investment

 

 

Potential Market:

It is crucial for an inventor to understand and analyze the potential market for their invention. This will allow them to determine their target audience, how to approach them, peak sales periods throughout the year, and so on.

Product Range:

A complete product range could be developed from the initial invention. The marketing of a series of similar or complementary products with varying styles or quality levels should be considered.

Product lifespan:

A product's physical lifespan can vary depending on its use, frequency of use, and the materials it is made of.

Commercial lifecycle:

A product's commercial lifecycle is the period during which it is sold, which implies that demand is maintained.

Research and development:

The importance given to research and development is paramount to maximizing a product's chances of success upon market entry. To better understand the strengths and weaknesses of a new product, it is strongly recommended to manufacture at least one functional prototype and subject it to a series of tests in real-world conditions.

Fixed assets:

Fixed assets represent the sum of the initial expenses required to manufacture a new product. These expenses relate to land, buildings, machinery, intellectual property, etc.

Production:

To encourage consumers to purchase a new product, it must be attractive and sold at a reasonable price. To achieve this, production costs must be minimized by carefully selecting the materials used and the appropriate manufacturing methods.