A Sponsor Proposes Research to Evaluate Reengineering a Commercially

A sponsor proposing research to evaluate reengineering a commercially available product presents both exciting opportunities and complex challenges. This involves carefully considering the existing product’s strengths and weaknesses, potential improvements, and the market’s receptiveness to a reengineered version. This research aims to determine the viability and potential return on investment of such an undertaking.

Understanding the Sponsor’s Motivation for Reengineering

Why would a sponsor propose research into reengineering a commercially available product? Several factors can drive this decision. Perhaps the existing product isn’t performing as expected in the market. Maybe technological advancements offer opportunities for significant improvements. Or perhaps the sponsor sees potential in targeting a new market segment with a modified version of the product. Understanding the sponsor’s motivation is crucial for effectively evaluating the reengineering proposal.

One common motivation is to enhance product performance. This could involve improving functionality, increasing efficiency, or addressing known flaws. Another driver could be cost reduction. Reengineering might allow the sponsor to utilize less expensive materials or streamline the manufacturing process.

Evaluating the Existing Product

A critical first step in the research process is a thorough evaluation of the existing commercial product. This includes analyzing its features, performance, market share, and customer feedback. Identifying the product’s strengths and weaknesses provides a baseline for understanding the potential benefits of reengineering. What aspects of the product are working well? What areas need improvement? This analysis helps define the scope of the reengineering effort.

Evaluating Commercial Product Features

Exploring Reengineering Possibilities

Once the existing product has been thoroughly evaluated, the research should explore potential reengineering options. This involves brainstorming innovative solutions, considering different technologies, and evaluating the feasibility of various modifications. This stage also requires assessing the potential costs and benefits of each reengineering option.

What technologies could be incorporated to improve the product? Are there alternative materials that could be used? How would these changes impact the product’s performance, cost, and manufacturability? These are key questions to address during this phase of the research.

Reengineering Possibilities Brainstorming Session

Market Analysis and Competitive Landscape

Understanding the market landscape is essential for evaluating the potential success of a reengineered product. The research should analyze the target market, identify competitors, and assess the market’s receptiveness to a reengineered version of the product. This involves considering factors such as consumer preferences, pricing strategies, and competitive advantages.

Who are the target customers for the reengineered product? What are their needs and preferences? What are competing products currently available in the market? How will the reengineered product differentiate itself from the competition?

Determining the ROI of Reengineering

Ultimately, the research should provide a clear assessment of the return on investment (ROI) of the reengineering effort. This involves projecting the potential costs and revenues associated with the reengineered product, considering factors such as development costs, manufacturing costs, marketing expenses, and projected sales.

ROI Projection for Reengineering a Product

Will the potential benefits of reengineering outweigh the costs? What is the projected market share for the reengineered product? What is the estimated payback period for the investment? These are crucial questions that the research should address.

Conclusion

A sponsor proposing research to evaluate reengineering a commercially available product is undertaking a complex but potentially rewarding endeavor. By thoroughly evaluating the existing product, exploring reengineering possibilities, analyzing the market landscape, and determining the ROI, the research can provide valuable insights into the viability and potential success of the reengineered product. This information will enable the sponsor to make informed decisions about whether to proceed with the reengineering project.

FAQ

What are the key factors to consider when reengineering a product?
How can market research inform the reengineering process?
What are the potential risks associated with reengineering a product?
How can you measure the success of a reengineered product?
What are some common mistakes to avoid when reengineering a product?
What are the different stages of the reengineering process?
How can you ensure that the reengineered product meets customer needs?

Common Scenarios for Questions

A company wants to update a product to incorporate new technology.
A sponsor wants to reduce the manufacturing costs of an existing product.
A company wants to target a new market segment with a modified version of their product.