Abstract
This chapter discusses the basic concepts related to market opportunity. A market opportunity is related to the solving of a customer's problem and to making a profitable business out of the opportunity while satisfying the customer need. The chapter discusses evaluation of ideas within the strategic framework of the business and competitive activities. Tactics and strategy differences between large and small firms drive different results, and means for accomplishing those results through partnerships are presented as an alternative to executing a long-range plan. Perspectives on partnering within the framework of new product development are discussed. The chapter discusses that the world economy shows nonhomogeneity of needs and satisfactions all over the world. Some societies are way up on the hierarchy while others are struggling at the base for basic needs. This disparity drives product development directions differently. The chapter provides a basic, practical understanding of how a new product idea relates to a business and how it must relate to sustain the business in the long term. The chapter provides knowledge of partnership arrangements, their caveats, and benefits.
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