A case study from the Greek banking sector: Idea screening

A case study from the Greek banking sector: Idea screening

The objective of this stage is to narrow the 50—60 ideas of the previous stage to 25—30 that could be moved to the next stage. The most common screening methods are ranking, checklists and scoring models. Moreover, the most common screening criteria that services companies use could be grouped in five main categories: consumer screens; operational screens; strategic screens; technological screens; and market screens.

Concept development According to Edvardsson and Olsson (1996), ‘the term service concept refers to the description of the customer’s needs and how they are to be satisfied in the form of the context of a service’. Many authors believe, however, that due to the nature of services, when developing a new service emphasis should not only be placed on its core attributes, but attention should be paid to ensure that other ‘supplementary’ services have also been incorporated in the development of the concept. Such services might be an appropriate level of support and technical advice or even some elements of the marketing mix.

Concept testing

The fundamental objective of this stage is to test the concepts that were developed in the previous one. Again in this stage, there is a notion that qualitative research might be preferred to quantitative research, which is mainly undertaken with the bank’s customers and employees. However, other stakeholders of the bank such as industry experts, consultants and advertising agencies could also be incorporated in this stage. At the end of it, five to seven ideas might remain for further examination.

Business analysis

In this stage the business attractiveness of the remaining ideas have to be examined. After the completion of this stage one or two concepts will proceed to the next stages for further investigation. Thomas (1993) suggests three types of forecasting that should be used in this stage: market opportunity forecasting; sales forecasting; and financial forecasting.