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Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
Creativity and business idea
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Creativity and business idea

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  • 1. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 1
  • 2. sound unique idea for a new productor service, properly evaluated, isessential to successfully launch anew venture. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 2
  • 3. Consumers. 1.Potential entrepreneurs should continually pay close attention potential customers. 2.This can be an informal or formal survey of consumers expressing their opinions. 3.Be sure that the idea represents a large enough market. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 3
  • 4. C. Existing Products and Services. 1.Potential entrepreneurs should establish a formal method for monitoring and evaluating the products and services in the market. 2.This may uncover ways to improve on present products, resulting in new product or service ideas. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 4
  • 5. D. Distribution Channels. 1.Because they are familiar with the needs of themarket, channel members often have suggestions fornew products. 2.These channel members can also help inmarketing the new product. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 5
  • 6. METHODS FORGENERATING IDEAS3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 6
  • 7. B. Focus Groups. 1.Focus group interviews involve a moderator leading a group through an open in-depth discussion rather than simply asking questions. 2.The moderator focuses the discussion on the new product area in either a directive or nondirective manner. 3.The participants are stimulated by comments from other group members in developing a new product idea. 4.The focus group is also an excellent method for initial screening of ideas and concepts. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 7
  • 8. 1.Brainstormingallows people to bestimulated to greatercreativity by participating inorganized group exercises. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 8
  • 9. 2.When using brainstorming four rules arefollowed: a.No criticism is allowed by anyone in the group. b.“Freewheeling” is encouraged. c. Quantity of ideas is desired. d. Combinations and improvements of ideas are encouraged.3.Brainstorming sessions should be fun with noone dominating or inhibiting the discussion. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 9
  • 10. D. Problem Inventory Analysis. 1.Problem inventory analysis uses individuals in amanner similar to focus groups, but instead of generatingnew ideas, consumers are given a list of problems for ageneral product category. 2.They are then asked to identify products in thiscategory that have those problems. 3.It is often easier to relate known products tosuggested problems in the creation of new product ideas. 4.Problem inventory analysis should be usedprimarily to identify product ideas for further development. 5. Results from product inventory analysis must be carefullyevaluated as they may not actually reflect a new business opportunity.3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 10
  • 11. III.CREATIVE PROBLEM SOLVING A.Creative problem solving is important in identifying a newproduct, but personal creativity declines with age, education, lack ofuse, and bureaucracy. 1.Creativity generally declines in stages. 2.Latent creative potential can be stifled by perceptual,cultural, emotional, and organizational factors. B.Brainstorming, the most widely used technique, can generatepossible ideas about a problem in a limited time through spontaneouscontributions of participants. 1.Once the problem statement is prepared, 6 to 12individuals are selected, with no group member being an expert in thefield of the problem. 2.All ideas are recorded, with no criticism allowed. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 11
  • 12. C.Reverse Brainstorming. 1.Reverse brainstorming is similar tobrainstorming, except that criticism is allowed. 2.Since the focus is on the negative aspects of aproduct or service, care must be taken to preservegroup morale. 3.The process usually involves identifyingeverything wrong with an idea, then a discussion ofways to overcome the problems. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 12
  • 13. D. Brainwriting. 1. Brainwriting is a form of writtenbrainstorming. 2. It is silent, written generation ofideas by a group of people. 3. Participants write their ideas onspecial forms that circulate within thegroup. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 13
  • 14. E. Gordon Method begins with groupmembers not knowing the exact nature of theproblem. 1.The entrepreneur starts by mentioning ageneral concept associated with the problemand the group responds with ideas. 2.The actual problem is then revealed,enabling the group to make suggestions forimplementation. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 14
  • 15. F. Checklist Method. 1. A new idea isdeveloped through a list ofrelated issues. 2. The entrepreneurcan use the list of questions toguide the development of anidea. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 15
  • 16. G. Free Association. 1. One of the simplestmethods to generate new ideas is freeassociation. 2. A word related to theproblem is written down, then another,with each word adding something tothe thought process. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 16
  • 17. H. Forced Relationships. 1.Forced relationships try to forcerelationships among some product combinations. 2.The steps in the process: a.Isolate the elements of the problem. b.Find the relationships between these elements. c.Record the relationship in an orderly form. d.Analyze the relationships to find ideas. e.Develop new ideas from these patterns. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 17
  • 18. I. Collective Notebook Method. 1. A small notebook isprepared including a statement of theproblem, blank pages, and background data. 2. Participants consider theproblem and its solution, recording ideasseveral times a day. 3. A list or summary of thebest ideas becomes the topic of a final creativefocus group. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 18
  • 19. J. Attribute Listing. 1. Attribute listing is an idea-finding technique requiring the entrepreneur tolist the attributes of a problem and look at eachfrom a variety of viewpoints. 2. Unrelated objects can bebrought together to form new combinationsand possible uses. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 19
  • 20. K. Big-Dream Approach. 1.The big-dream approachrequires the entrepreneur to dreamabout the problem and its solution,thinking big. 2.Ideas should be conceptualizedwithout any constraints. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 20
  • 21. L. Parameter Analysis. 1.Parameter analysis involves parameteridentification and creative synthesis. 2.Parameter identification analyzesvariables in the situation to determine theirrelative importance. 3.The relationship between parametersthat describe the underlying issues isexamined and a solution developed (creativesynthesis.) 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 21
  • 22. M. Opportunity Recognition. 1. Some entrepreneurs have the ability torecognize a business opportunity which isfundamental to the entrepreneurial process. 2. The keys to recognizing an opportunitylies in the knowledge and experience of theindividual entrepreneur. 3. Other important factors are entrepreneurialalertness and entrepreneurial networks. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 22
  • 23. IV. PRODUCT PLANNING ANDDEVELOPMENT PROCESS A.Once ideas emerge they need furtherdevelopment and refinement. 1.The production planning anddevelopment process is divided into fivemajor stages. 2.This process results in the start ofthe product life cycle. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 23
  • 24. B.Stage 1: Establishing Evaluation Criteria. 1.Criteria for evaluation should be all-inclusive and quantitative enough to screen the product carefully. 2.A market opportunity and adequate market demand must exist. 3.Current competing producers, prices, and policies should be evaluated in their impact on market share. 4.The new product should have synergy with existing management capabilities. 5.The proposed product should be supported by and contribute to the company’s financial well-being. 6.The compatibility of new product’s production requirements with existing plant, machinery, and personnel should be evaluated. 7.Entrepreneurs should formally evaluate an idea throughout its evolution. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 24
  • 25. C.Stage 2: Idea Stage 1.Promising new product ideas should be identified and impractical ones eliminated. 2.In the systematic market evaluation checklist method, each new product idea is expressed in terms of its chief values, merits, and benefits. 3.This technique can be used to determine which new product alternatives should be pursued and which should be discarded. 4.The company should also determine the need for the product and its value to the company. 5.Need determination should focus on the type of need, its timing, the users involved, the importance of marketing variables, and the overall market structure and characteristics. 6.In determining the product’s value to the firm, financial scheduling should be evaluated. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 25
  • 26. D. Stage 3: Concept Stage. 1. In the concept stage the refinedidea is tested to determine consumer acceptance. 2. One method of testing is theconversational interview in which respondents areexposed to statements that reflect attributes of theproduct idea. 3. Features, price, and promotionshould be evaluated in comparison to majorcompetitors. E. Stage 4: Product Development 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 26Stage.
  • 27. E.Stage4: Product Development Stage. 1.In this stage, consumerreaction to the physical product isdetermined, often through a consumerpanel. 2.The panel can be givensamples of the product and competitors’products to determine consumerpreference. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 27
  • 28. F. Stage 5: Test Marketing Stage. 1. A market test can bedone to increase the certainty ofsuccessful commercialization. 2. The test marketingstage provides actual sales results,which indicate the acceptance level ofconsumers. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 28
  • 29. V.E-COMMERCE AND BUSINESS START-UP AND GROWTH A.The Role of E-Commerce. 1. Both business-to-business and business-to-consumer e-commerce sales continue to increase. 2. The largest e-commerce growth occurs duringthe fourth quarter holiday season, although there has beengrowth in all quarters. 3.Factors that facilitate the growth of e-commerce are: a.The widespread use of personal computers. b.The adoption of intranets in companies. c.The acceptance of the Internet as a businesscommunications platform. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 29
  • 30. B. Using E-Commerce Creativity. 1.The Internet is especially important for small and medium-sized companiesas it lets them minimize marketing costs while reaching broader markets. 2.An entrepreneur starting an Internet commerce venture needs to addressmany of the same strategic and tactical questions as other companies plus some specific onlineissues. a.One decision is whether to run the Internet operations within thecompany or outsource these operations. b.If handled inhouse, expensive equipment, software, and support serviceshave to be maintained. c.There are numerous possibilities for outsourcing the Internet business. 3. The entrepreneur can hire web developers to design the web page or usean e-commerce software package. 4.The two major components of Internet commerce are front-end and back-end operations. a.Front-end operations are encompassed in the website’s functionality, suchas search capabilities, shopping cart, and secure payment. b.Back-end operations involve integrating customer orders with distributionchannels and manufacturing capabilities. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 30
  • 31. C. Website. 1.The use of websites by entrepreneurial firms is increasing. a. Yet the majority of small businesses do not feel theyhave the business ability to build their own website. b. The entrepreneur needs to structure the website toeffectively engage the target market. c. The material must be fresh and updated regularly. 2.There are several important features of every website. a.Each website should have search capabilities. b.Other functions include shopping cart, secure serverconnection, credit card payment, and customer feedback features. c.Orders and other sensitive customer informationshould be transferred only through secure servers. d.The site should also have an e-mail response systemfor customer feedback. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 31
  • 32. 3. A successful website has threecharacteristics: speed, speed, and speed. a. A website should beeasy to use, customized for specific market targetgroups, and compatible with different browsers. b. If the company istargeting international markets, then translationand cultural adaptation need to be considered. 4. The website address shouldappear on all marketing materials.3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 32
  • 33. D. Tracking Customer Information. 1.Electronic databases support personalmarketing targeted at individual clients. 2.However, care must be taken to followthe laws protecting the privacy of individuals. 3.The U.S. government has generallymaintained a policy of noninvolvement withInternet regulation, but the Federal TradeCommission has also pressed for new laws toprotect minors. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 33
  • 34. E. Doing E-Commerce as anEntrepreneurial Company. 1.The decision to go online for the first time anddevelop an e-commerce site needs to be a strategic one. a.The products should be able to be deliveredeconomically and conveniently. b.The product has to be interesting for a largenumber of people, and the company must be ready to shipthe product out of its geographical location. c.Online operations have to bring significant costreductions compared with brick-and-mortar operations. d.The company must be able to economicallydraw customers to its website. 3/7/2012 8:50:16 PM By Dr.Rajesh Patel,Director, NRV MBA 34
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