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







Related Discussions:- Idea generation - new product development process, Assignment Help, Ask Question on Idea generation - new product development process, Get Answer, Expert's Help, Idea generation - new product development process Discussions

Write discussion on Idea generation - new product development process
Your posts are moderated
Related Questions
Sales force promotions: Personal selling by far is the most important method of the sales promotion. To make it highly effctive, sales force promotion schemes are felt neces

value pricing products

Marketing as an Exchange In contrast to this, relational exchanges (Dwyer et al., 1987) have a longer-term orientation and develop between parties who wish to build long-term

How are Indian customers visiting Shoppers’ stop any different from customers of developed western countries?

what management skills did jack demonstrate as a marketing manager at the travel products company? What management skills did he demonstrate as a VP at the consumers product firm?

Question: Medical care facilities are free in the Government hospitals. However several private clinics exist in Mauritius. Clinic Darne is one of them. It is situated in the p

What is a behavioral measure of customer satisfaction measurement? Behavioral Measures of Customer Satisfaction Measurement: This is sometimes believed that dissatisfactio

Quantitative Techniques Q4. Find elasticity of demand of the function x=150-5P at (1) P=15, (2) P=20. (5 marks) Q5. Find dy/dx of the following cases 1. y=x2 log x. 2. log x /x. (

Question 1: (a) Clearly explain the concept of rules versus discretionary central banking policies. (b) Discuss the various risks faced by the financial system and disc

Q. Effect of Materialism in Ads? Advertising makes people purchase the things which they don't need. Advertising unnecessarily append status/prestige/ pride symbol with some pr