Discuss the conceptual framework for opportunity

Reference no: EM133249302

Question - The pet products company FroliCat had introduced two successful laser-based cat toys, including the Bolt , a product that embodies a randomly moving laser beam to entertain cats. The company's management team, hoping to build upon their initial success, sought additional opportunities to develop new cat toys. They were particularly interested in opportunities to extend their brand to other types of motion-based cat toys. FroliCat was a small company, and so an investment in developing a new product represented substantial financial risk. As a result, the team hoped to identify opportunities that would be highly likely to result in profitable products. FroliCat was based in Chicago, but because all of FroliCat's products were produced by factories in China, and because it wished to adopt a more global market perspective, it engaged a Shanghai-based product development-consulting firm, Asentio Design, to lead the opportunity identification effort.

1. Explain opportunity identification in the context of product development.

2. Discuss the conceptual framework for opportunity identification used by FroliCat.

3. In your opinion, could a great opportunity identification process result in a product that fails in the market?

Reference no: EM133249302

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