Generating Ideas for New Product Development: Strategies and Initiatives

Generating Ideas for New Product Development: Strategies and Initiatives

Pratap Chandra Mandal (Indian Institute of Management, Shillong, India)
Copyright: © 2020 |Pages: 21
DOI: 10.4018/IJRDIS.2020010101
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Abstract

Continual innovation is imperative to sustain competition. Companies require generating innovative product ideas and implementing them. Companies require understanding customer requirements and preferences and doing continual innovation to develop offerings for meeting and exceeding customer expectations. New product ideas may come from varied sources and by applying diverse creativity techniques. Companies generate ideas from both internal and external sources. Internal sources include research and development and employees. External sources include customers, competitors, and various other stakeholders. Companies may adopt creativity techniques like crowdsourcing, brainstorming, role-playing, forming forced relationships, morphological analysis, reversing of assumptions about product usage, mind mapping of individuals, and lateral marketing. Companies require creating and encouraging a culture of innovation to generate ideas, implement them, exceed customer expectations, succeed in the completion, and have long-term growth.
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2. Generation Of Ideas For Innovation

Generation of ideas is the first step towards new product development (Carson, 2007). Companies search for new product ideas systematically. Companies do a lot of introspection and generate hundreds – even thousands – of ideas to find a few good ones. Companies may generate ideas for new product development from a number of sources. Major sources of new product ideas include internal sources and external sources such as customers, competitors, distributors, suppliers, and others (Aboulnasr, Narasimhan, Blair, & Chandy, 2008). Marketing experts believe that the best set of ideas for new products is generated by uncovering and understanding unmet customer needs and how those needs can be satisfied with the help of technological innovation (Aboulnasr et al, 2008). New product ideas can come from interacting with various groups and using creativity-generating techniques.

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