Concept Evaluation

Instructor

Jeremy Alexis

On design-led projects, there is rarely a shortage of ideas for new products, services, and business models. It can be very challenging, however, to identify the concepts most valuable for the business and users. This class will provide a framework and tools for evaluating concepts and ideas. We will start by creating a strategy and approach for evaluation, and then detail how to evaluate individual ideas. Clients often ask “of all the stuff you produced, what is the most valuable for me?” This class will prepare students to answer this question.

Methods

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Creating an innovation strategy to guide concept evaluation
Concept triage
Evaluating ideas based on user factors
Evaluating ideas based on business factors
Evaluating ideas based on market forces
Advanced analytics (tornado charts and real options valuation)

Format & Grading

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Lecture / case study discussion

Grading: 20% class participation, 40% weekly assignments, 40% final project

Assignment: Case study each week: read the case and prepare 1 page assignment

References:

Making real options work. Alexander B. van Patten and Ian C. Macmillan. Harvard Business Review: December 2004

Consumers Rebel Against Marketers' Endless Surveys. Jack Neff. Advertising Age: October 2, 2006

The Future of Product Development. Richard Holman et al. McKinsey Quarterly: 2003 Number 3

The Price of Time: From Shopping to Social Security. Erik Hurst. Capital Ideas (University of Chicago Graduate School of Business Newsletter) Winter 2006