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Idea Generation

Idea Generation

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Idea Generation

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  1. New-Product Development Process Idea Generation Screening Idea Evaluation Develop- ment Commer- cialization The purpose of the New Product Development (NPD) Process is to generate as many different ideas for new products as possible, but then try to figure out why the idea will NOT work so that bad alternatives can be eliminated and NARROW DOWN to focus both time and money on those attractive opportunities that may have a chance to succeed.

  2. New-Product Development Process This first stage involves the search for product ideas that will help firms achieve their strategic objectives. These ideas need to be gathered and stored efficiently. Research has suggested that 60-70 ideas need to be gathered before a viable product idea is found. Idea Generation Ideas can be gathered from both internal and external sources.

  3. New-Product Development Process The second stage involves a process of reducing the number of ideas by selecting those ideas with the greatest potential for further development. Ideas that are not feasible or profitable are eliminated. Idea Generation Screening • Companies screen ideas by looking at: • consistency with corporate objectives • ability to serve customer needs • market potential • ability to manufacture, market, and service the product

  4. New-Product Development Process The third stage takes those ideas that are deemed to be feasible by internal sources and tests them against customers. This involves describing or showing product concepts and their benefits to potential customers to determine their initial reactions. Idea Generation Screening Idea Evaluation Idea Evaluation Techniques: Concept testing Reactions from customers Rough estimates of cost, sales and profits

  5. New-Product Development Process Idea Generation Screening Idea Evaluation Develop- ment Once the ideas have been tested by customers and determined to be products that might succeed in the marketplace, the fourth stage occurs and the product is designed. Here many areas of the organization must work together to develop a functional prototype and a test marketing mix for the product. Companies that are able to progress through the development stage the quickest have a distinct advantage in the marketplace. Thus, it is important to work with suppliers and channel partners closely. Some companies develop a system for keeping the development process going 24 hours a day by having global development centers.

  6. New-Product Development Process Idea Generation Screening Idea Evaluation Develop- ment Commer- cialization the final stage of the process occurs when both the product and the marketing mix are ready for the marketplace. • Some activities that might accompany the commercialization or even precede it include: • the announcement of the new product or service by the public relations department • advertising the new product to the marketplace • educating the marketplace about the use of the new product • providing service personnel with detailed specifications of the new product for repair or installation • tracking deliveries and sales of the new product including feedback from customers or salesforce