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Online Methods for Validating and Testing Entrepreneurial Ideas: A New Product Development Perspective

Author

Listed:
  • Zlatko BEZHOVSKI

    (Faculty of Economics, Goce Delcev University, Stip, North Macedonia)

  • Tamara JOVANOV APASIEVA

    (Faculty of Economics, Goce Delcev University, Stip, North Macedonia)

  • Riste TEMJANOVSKI

    (Faculty of Economics, Goce Delcev University, Stip, North Macedonia)

Abstract

In the new digital and dynamic world, the validation and testing of business ideas could be crucial for the entrepreneurial success. This paper explores the transformative role of online methods and tools within the framework of the 8 stage New Product Development (NPD), highlighting their role and indicating an iterative, customer-centric approach. Drawing on academic literature and contemporary online resources, the study classifies and analyzes various online methods, differentiating between validation (understanding market demand and customer needs) and testing (gauging customer responses to concrete concepts). Search interest tools, competitor analysis platforms, and customer feedback mechanisms enable early-stage validation. For concept testing, methods like crowdfunding, pre-sales, and simulated sales provide valuable feedback before product development begins. Finally, product testing utilizes prototypes, minimum viable products (MVPs), beta versions, and test marketing to refine the offering before broad market launch. While acknowledging challenges like potential biases and the digital divide, the study underscores the advantages of online tools in democratizing market research and enabling rapid idea validation. Looking ahead, the study calls for further research to explore the evolving landscape of online tools and methods for idea validation and testing, and their applicability across different industries and contexts. It also highlights the potential of AI and big data to enhance predictive analytics and further refine the business idea validation process.

Suggested Citation

  • Zlatko BEZHOVSKI & Tamara JOVANOV APASIEVA & Riste TEMJANOVSKI, 2024. "Online Methods for Validating and Testing Entrepreneurial Ideas: A New Product Development Perspective," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 16(1), pages 26-45, March.
    • Handle: RePEc:rom:mrpase:v:16:y:2024:i:1:p:26-45
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    References listed on IDEAS

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