Innovation evaluation
Innovation is the process of implementing an idea or imagination into an actual income-generating form. It may involve good or services that customers are expected to pay for to receive. The main objective of innovation is to satisfy the customer’s needs and meet their expectation. For a business idea to be effective, it is necessary to evaluate the success before actual implementation; therefore, the need to use evaluation methods. This article will include the process of evaluation used, results of the assessment, including the advantages and disadvantages of the method used. Innovation evaluation methods that will be used are SNIFF and NOMMAR methods.
The business idea in mind is starting up a fruit vending outlet. This shop will offer services such as freshly blended fruit juice, whole fruits displayed in shelves and pudding, which will be newly made on customer’s request.. Don't use plagiarised sources.Get your custom essay just from $11/page
SNIFF method of evaluation
For a business to be established, it requires that one puts their mind and thought to it. Use of business visions is significant in that it ensures the right commitment is put in in terms of resources, time and effort. SNIFF method is a five criteria method that is helpful in judgment:
Strategy: this requires a business person to think of how well an idea fits with the policy in place and further the vision.
Need; here, it is necessary to find out whether the idea is able to address a critical customer need.
Impact: here, a business person evaluates the possibility of a successful business depending on the availability of a market and the will of customers to spend in terms of money.
Feasibility; here we test the technicality of the idea whether it is achievable within the set time limit
Feel; here, we rely on the inner gut of a business owner, what do the inner instincts say about the success of the business?
Results
While using this method to evaluate the fruit vendor shop idea, it is clear to say that the business will have a successful start. A food-based company is prone to succeed as food is considered a basic need. Furthermore, fruits are necessary for a meal to be balanced, and since the shop will offer what the customer requests, it is safe to say that they will spend money will be high. No much technicality is
Merits
The strategy enables a business person to have a clear vision before actualizing. This will save on time and resources
Demerits
Use of gut feeling to judge the possibility of business is risky as it may give the wrong idea where a business person will only feel what they want.