Idea generation - new product development process, Marketing Management

New Product development Process

Idea Generation

In the new-product development procedure, the first step is idea generation, which is the systematic discovery for new product ideas. For every one hundred fresh product ideas, just a very few ever make it to commercialization. The discovery for these ideas should be systematic not disorganized. There are several sources for new product ideas.

Among the most significant are following:

a.   Internal sources where development and formal research, engineers and company scientists, company salespeopleand company executives may contribute ideas depend on their formal and informal research and experience.

b.   Customers may also produce good new-product ideas (easily by watching and listening to them). Customers frequently create new products and utilize on their own.

c.   Competitors are another source of fresh-product ideas. It is a good idea to observe competitor's ads and other communications to obtain clues regarding new products. Additionally, the organization may buy competing manufacture, take them apart, analyse the business procedure used to sell the manufacture, and then choose whether to make a similar type product themselves.

d.   In  the  distribution  chain, distributors,  suppliers,  and  others  may  be  sources  of information. Resellers are close to the market and may pass along information regarding consumer difficulty and new-product possibilities. Suppliers can tell regarding new concepts, techniques, and materials that may be used to develop new products. Other sources may be trade magazines, seminars, government agencies trade shows, university, consultants and commercial laboratories, etc.

      i.            The discovery for new-product ideas should be systematic instead of haphazard.

      ii.            Top management may avoid much difficulty by adopting an idea management system that directs the flow of fresh ideas to a key point where they may be, reviewed, collected and evaluated. The idea manager do following task:

1]. Helps to develop an innovation-oriented culture.

2]. Yields a great number of ideas.

Posted Date: 11/8/2012 1:17:55 AM | Location : United States







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