New Product Development a Successful Idea Generation Essay

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New Product Development

A successful idea generation process is part of searching for an idea that is superior and which has not been discovered. There are various methods that can be used in generating an idea for the new product such as Delphi and focus groups, brain storming. Ideas for the new product can be got from research using various aspects such as SWOT analysis, the trends of market and consumers, the competitors of the product, trade shows and so on. The basic approach is to ensure that full creativity is harnessed when developing the new idea. Open innovation will also be used in idea development where research will be conducted on the product. This research should be conducted in a speedy so that costs can be cut and at the same time generate new ideas that are innovative. Input can be got from internal sources like strategic planning and external sources like market information and customers (Boundless, 2013).

When brain storming on the new product we will start with the phase of screening the idea. Idea screening is aimed at eliminating any concepts of the product that are not sound before resources are devoted to them. Through the process of screening there are various questions that the screeners ask themselves this includes if the customers in the target market will have benefits from the bottles, the size as well as growth forecasts of the target market, the expected as well as current competition of the new product idea, the feasibility of producing the bottle t and if the bottles will be profitable if manufactured and sold to the customers at the price which is intended (Sambanda, 2010).

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Brain storming also involves a dimensional analysis of the new product which involves various aspects such as combination which involves looking at how the new product can be mixed with any other that exists. Another aspect is magnification which involves looking at how the new product would do if the numbers are increased and how its market….....

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