The feasibility study ideas for a new product can be derived from various approaches, including consumer preference analysis, multi-criteria decision-making, financial feasibility, and innovation network collaboration.

Key Insights

• Consumer Preference Analysis:
  • Identifying product opportunities through data mining techniques and spatial data mining to analyze multi-criteria decisions for compatibility of potential raw materials with products
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• Multi-Criteria Decision-Making (MCDM):
  • Using the PROMETHEE approach to evaluate and improve the new product development process within an organization by assessing performance and potential improvements
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• Financial Feasibility:
  • Conducting financial projections, including revenue, cost structure, cash flow, balance sheet, and income statement projections, and using parameters like NPV, IRR, and payback period to determine project feasibility
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• Innovation Network Collaboration:
  • Developing an integrative framework for new product development based on innovation network collaboration to address the complexity and dynamic environment of product development
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Conclusion

Feasibility studies for new products can benefit from a multi-faceted approach that includes consumer preference analysis, multi-criteria decision-making, financial feasibility assessments, and leveraging innovation networks to ensure comprehensive evaluation and successful product development.