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At the end of the test, the entrepreneur should first compute for the total
scores per factor. Then a corresponding weight percentage should be given
as to the importance of the factor to the venture’s overall standing. This
weight must be multiplied to the total score accumulated per test. The
entrepreneur should also established a tiered scale and description on the
total attractiveness score.
1. Ideal stage. In this stage, the entrepreneur determines what are feasible
products and services that will perfectly suit the opportunity.
2. Concept stage. Once the acceptable product or service has already been
identified, it will go through concept stage. In the concept stage, the
developed idea will undergo a consumer acceptance test. This includes
getting initial reactions or the primary target market.
3. Product development stage. In this stage, the entrepreneur leverages
on the information generated from the prospective customers via the
concept stage. Actual reactions from prospective customers are
determined.
4. Test marketing stage. The stage validates the work done from the first
three stages to measure success in the commercialization of the
product or service.