The purpose of the concept stage is to rapidly evaluate a new product opportunity. This activity will be performed by a product champion with support from others in the organization as needed. The deliverable in this stage is the product concept proposal which is presented to the Product Review Board at the concept review.
The product concept proposal will typically include the following:
- Description of product concept and compelling/unique selling proposition
- Initial market opportunity assessment
- Competitive overview
- Technical assessment
- Preliminary financial analysis
- Proposed schedules
- Recommended core team members
If approved at the concept review, the product program will be staffed and scheduled based on the availability of the project core team members. The project will then enter the definition/business case stage.