Davidson new product definition 1976
A blast from the past!
The Davidson New Product Definition, also known as the "Davidson Criteria," is a set of guidelines for evaluating new product ideas. It was first introduced by Dr. Stanley M. Davidson in 1976.
The Davidson New Product Definition consists of five criteria that a new product must meet in order to be considered viable:
- Unique Selling Proposition (USP): The product must have a unique feature, benefit, or characteristic that sets it apart from existing products in the market.
- Market Need: The product must meet a genuine need or want in the market, and there must be a sufficient number of potential customers who are willing to pay for it.
- Competitive Advantage: The product must have a competitive advantage that cannot be easily replicated by competitors.
- Feasibility: The product must be technically and financially feasible to develop and produce.
- Profit Potential: The product must have the potential to generate sufficient profits to justify the investment required to develop and market it.
These criteria are still widely used today as a framework for evaluating new product ideas and ensuring that they have the potential to succeed in the market.