The search for new product ideas should be systematic rather than casual. Otherwise the firm will find a number of ideas, most of which are not appropriate for this type of business. Senior management should determine which products and markets stressed. Should state what you want to get signed with new products, if this is the goal of having a high cash flow, predominantly in market share or some other goal. Shall provide the effort to be spent on the development of original products, modify existing products and imitate competitive products.
To generate a continuous stream of ideas for new products, the company must actively cultivate many sources of ideas. The main sources of ideas are:
Internal sources. One study found that more than 5 5% of all new ideas are given the same company entered i.e. It can find new ideas through formal research and development. You can choose carefully to its scientists engineers and manufacturing personnel. The company’s sales are another good source because they have daily contact with consumers.
Consumers: Nearly 28% of all new product ideas come from an analysis of consumers you. The wishes and needs of consumers can be monitored by consumer surveys and focus groups. The firm can analyze the questions and complaints from customers to discover new products to better address consumer issues
Competitors. About 2 7% of all new product ideas come from analysis of competing products. Companies regularly buy new products of competitors, disarming to see how they work, analyze their performance in the market and decide whether the firm should respond with a new product itself.
Distributors and Suppliers. Resellers are closer to the market and can provide information about consumer issues, opportunities for new products and the market for wholesale products. Providers can inform the company about new concepts, techniques and materials that can be used to develop new products.
Other sources. Other sources of ideas include magazines, exhibitions and seminars, governmental agencies, nongovernmental organizations, consultants, new products, advertising agencies, commercial and university laboratories and inventors.