SlideShare a Scribd company logo
BUSINESS IDEA
The Idea
• All good ideas share at least one of three goals:
– They make life for the customer easier. (efficiency)
– They make life for the customer better. (effectiveness)
– They allow the customer to do new things. (innovation)
• Example: “If you go to five travel sites, you will
be presented with five different offers. Traveling
to each site is time-consuming and confusing.
We are a discount travel website. We have
written software that searches all the other travel
sites and collates their price quotas into one
report.”
Understand Your Idea
Have you examined your idea – broadest sense?
Idea Type
• Type A – New Market
• Type B – New Technology
• Type C – New Benefit
• Type D – Replication
Idea Category Description
Type A
Providing customers with a product or service that does not
exist in their market. Product or service exists in other markets
but not currently available in your market.
Type B
New technology centered on providing customers with a new
product that does not exist in any market.
Type C
Provides customers with an improved product. Basically a
“me-too” product strategy that provides a “new benefit” not
offered by the competition.
Type D Replication of existing products. “Me-too” w/no differentiation.
4-6
Sources of New Ideas
 Consumers
 Informally monitor potential ideas and needs.
 Formally arrange for consumers to express their
opinions.
 Existing Products and Services
 Analysis uncovers ways to improve offerings
that may result in a new product or service.
 Distribution Channels
 Channel members can help suggest and market
new products.
4-7
 Government
 New product ideas can come in response to
government regulations.
 Research and Development
Sources of New Ideas (cont.)
4-8
Methods of Generating New Ideas
 Focus Groups
 A moderator leads a group of 8 to 14
participants through an open, in-depth
discussion in a directive or nondirective manner.
 An excellent method for generating and
screening ideas and concepts.
4-9
 Brainstorming
 Allows people to be stimulated to greater
creativity.
 Good ideas emerge when the brainstorming
effort focuses on a specific product or market
area.
 Rules of brainstorming:
 No criticism.
 Quantity of ideas is desired.
 Combinations and improvements of ideas are
encouraged.
Methods of Generating New Ideas
(cont.)
4-10
 Brainwriting
 A form of written brainstorming.
 Participants write their ideas on special forms or
cards that circulate within the group.
Methods of Generating New Ideas
(cont.)
BUSINESS IDEA.pptx

More Related Content

Similar to BUSINESS IDEA.pptx

New_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
New_Product_Development_Process, A_seminar_by_Mohan_Kumar_GNew_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
New_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
Mohan Kumar G
 
Entrepreneurship
Entrepreneurship Entrepreneurship
Entrepreneurship
BushraAhmed62
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
areosurcom
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4Umair Arain
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
Kartikarora69
 
Chap 004.ppt
Chap 004.pptChap 004.ppt
Chap 004.ppt
amima anwar
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
Harshada Mulay
 
CH 05 Entrepreneurship.pptx
CH 05 Entrepreneurship.pptxCH 05 Entrepreneurship.pptx
CH 05 Entrepreneurship.pptx
MehediHasan875455
 
Creating innovative products
Creating innovative productsCreating innovative products
Creating innovative products
boladale kolade
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTNEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTJoshua Miranda
 
3rd Chapter Business Plajkhkjkjhkhkjn.ppt
3rd Chapter Business Plajkhkjkjhkhkjn.ppt3rd Chapter Business Plajkhkjkjhkhkjn.ppt
3rd Chapter Business Plajkhkjkjhkhkjn.ppt
alulayem
 
01. introduction to marketing (2019)
01. introduction to marketing (2019)01. introduction to marketing (2019)
01. introduction to marketing (2019)
moladad2
 
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
novabroom
 
Pob stage 2 marketing seminar 3 pre students
Pob stage 2 marketing   seminar 3 pre studentsPob stage 2 marketing   seminar 3 pre students
Pob stage 2 marketing seminar 3 pre students
moduledesign
 
Pob stage 2 marketing seminar 3 post students
Pob stage 2 marketing   seminar 3 post studentsPob stage 2 marketing   seminar 3 post students
Pob stage 2 marketing seminar 3 post students
moduledesign
 
Npd praveen
Npd praveenNpd praveen
Npd praveen
Praveen kashyap
 
What are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptxWhat are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptx
Sameer Mathur
 
What are the main stages in developing new products and services.pptx
What are the main stages in developing new products and services.pptxWhat are the main stages in developing new products and services.pptx
What are the main stages in developing new products and services.pptxSameer Mathur
 

Similar to BUSINESS IDEA.pptx (20)

New_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
New_Product_Development_Process, A_seminar_by_Mohan_Kumar_GNew_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
New_Product_Development_Process, A_seminar_by_Mohan_Kumar_G
 
Entrepreneurship
Entrepreneurship Entrepreneurship
Entrepreneurship
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
 
Entrepreneurship Chap 4
Entrepreneurship Chap 4Entrepreneurship Chap 4
Entrepreneurship Chap 4
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
 
Chap 004.ppt
Chap 004.pptChap 004.ppt
Chap 004.ppt
 
318132400_chap004.ppt
318132400_chap004.ppt318132400_chap004.ppt
318132400_chap004.ppt
 
chap004.ppt
chap004.pptchap004.ppt
chap004.ppt
 
CH 05 Entrepreneurship.pptx
CH 05 Entrepreneurship.pptxCH 05 Entrepreneurship.pptx
CH 05 Entrepreneurship.pptx
 
Creating innovative products
Creating innovative productsCreating innovative products
Creating innovative products
 
NEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENTNEW PRODUCT DEVELOPMENT
NEW PRODUCT DEVELOPMENT
 
3rd Chapter Business Plajkhkjkjhkhkjn.ppt
3rd Chapter Business Plajkhkjkjhkhkjn.ppt3rd Chapter Business Plajkhkjkjhkhkjn.ppt
3rd Chapter Business Plajkhkjkjhkhkjn.ppt
 
01. introduction to marketing (2019)
01. introduction to marketing (2019)01. introduction to marketing (2019)
01. introduction to marketing (2019)
 
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
1Copyright © 2015 McGraw-Hill Education. All rights reserv.docx
 
Pob stage 2 marketing seminar 3 pre students
Pob stage 2 marketing   seminar 3 pre studentsPob stage 2 marketing   seminar 3 pre students
Pob stage 2 marketing seminar 3 pre students
 
Pob stage 2 marketing seminar 3 post students
Pob stage 2 marketing   seminar 3 post studentsPob stage 2 marketing   seminar 3 post students
Pob stage 2 marketing seminar 3 post students
 
Npd praveen
Npd praveenNpd praveen
Npd praveen
 
New product development
New product developmentNew product development
New product development
 
What are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptxWhat are the main stages in developing new product development process.pptx
What are the main stages in developing new product development process.pptx
 
What are the main stages in developing new products and services.pptx
What are the main stages in developing new products and services.pptxWhat are the main stages in developing new products and services.pptx
What are the main stages in developing new products and services.pptx
 

More from Prakash Vadavadagi

Financial_Planning_for_Young_Investors.ppt
Financial_Planning_for_Young_Investors.pptFinancial_Planning_for_Young_Investors.ppt
Financial_Planning_for_Young_Investors.ppt
Prakash Vadavadagi
 
MODULE II Business Environment.pptx
MODULE II Business Environment.pptxMODULE II Business Environment.pptx
MODULE II Business Environment.pptx
Prakash Vadavadagi
 
BUSINESS ENVIRONMENT.pptx
BUSINESS ENVIRONMENT.pptxBUSINESS ENVIRONMENT.pptx
BUSINESS ENVIRONMENT.pptx
Prakash Vadavadagi
 
presentation1-160201194336.pptx
presentation1-160201194336.pptxpresentation1-160201194336.pptx
presentation1-160201194336.pptx
Prakash Vadavadagi
 
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
Prakash Vadavadagi
 
MANTHAN-2022 BP template.pptx
MANTHAN-2022 BP template.pptxMANTHAN-2022 BP template.pptx
MANTHAN-2022 BP template.pptx
Prakash Vadavadagi
 
dining etiquettes.pdf
dining etiquettes.pdfdining etiquettes.pdf
dining etiquettes.pdf
Prakash Vadavadagi
 
3 intellectualproperty-180721160234.pptx
3        intellectualproperty-180721160234.pptx3        intellectualproperty-180721160234.pptx
3 intellectualproperty-180721160234.pptx
Prakash Vadavadagi
 
Time Management Final (1).ppt
Time Management Final  (1).pptTime Management Final  (1).ppt
Time Management Final (1).ppt
Prakash Vadavadagi
 
ICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
ICSI_ProfessionalOpportunitiesPatentActandGIAct.pptICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
ICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
Prakash Vadavadagi
 
MANTHAN-2022_BP_template.pptx
MANTHAN-2022_BP_template.pptxMANTHAN-2022_BP_template.pptx
MANTHAN-2022_BP_template.pptx
Prakash Vadavadagi
 

More from Prakash Vadavadagi (14)

Module 4 new.pptx
Module 4 new.pptxModule 4 new.pptx
Module 4 new.pptx
 
Financial_Planning_for_Young_Investors.ppt
Financial_Planning_for_Young_Investors.pptFinancial_Planning_for_Young_Investors.ppt
Financial_Planning_for_Young_Investors.ppt
 
Leadership Skills.pptx
Leadership Skills.pptxLeadership Skills.pptx
Leadership Skills.pptx
 
MODULE II Business Environment.pptx
MODULE II Business Environment.pptxMODULE II Business Environment.pptx
MODULE II Business Environment.pptx
 
BUSINESS ENVIRONMENT.pptx
BUSINESS ENVIRONMENT.pptxBUSINESS ENVIRONMENT.pptx
BUSINESS ENVIRONMENT.pptx
 
presentation1-160201194336.pptx
presentation1-160201194336.pptxpresentation1-160201194336.pptx
presentation1-160201194336.pptx
 
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
“Nurturing the First Generation Entrepreneurs through Entrepreneurship Develo...
 
Chapter 8.ppt
Chapter 8.pptChapter 8.ppt
Chapter 8.ppt
 
MANTHAN-2022 BP template.pptx
MANTHAN-2022 BP template.pptxMANTHAN-2022 BP template.pptx
MANTHAN-2022 BP template.pptx
 
dining etiquettes.pdf
dining etiquettes.pdfdining etiquettes.pdf
dining etiquettes.pdf
 
3 intellectualproperty-180721160234.pptx
3        intellectualproperty-180721160234.pptx3        intellectualproperty-180721160234.pptx
3 intellectualproperty-180721160234.pptx
 
Time Management Final (1).ppt
Time Management Final  (1).pptTime Management Final  (1).ppt
Time Management Final (1).ppt
 
ICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
ICSI_ProfessionalOpportunitiesPatentActandGIAct.pptICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
ICSI_ProfessionalOpportunitiesPatentActandGIAct.ppt
 
MANTHAN-2022_BP_template.pptx
MANTHAN-2022_BP_template.pptxMANTHAN-2022_BP_template.pptx
MANTHAN-2022_BP_template.pptx
 

Recently uploaded

Thesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.pptThesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.ppt
EverAndrsGuerraGuerr
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
Vikramjit Singh
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
siemaillard
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
kaushalkr1407
 
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxStudents, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
EduSkills OECD
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
Celine George
 
Introduction to Quality Improvement Essentials
Introduction to Quality Improvement EssentialsIntroduction to Quality Improvement Essentials
Introduction to Quality Improvement Essentials
Excellence Foundation for South Sudan
 
ESC Beyond Borders _From EU to You_ InfoPack general.pdf
ESC Beyond Borders _From EU to You_ InfoPack general.pdfESC Beyond Borders _From EU to You_ InfoPack general.pdf
ESC Beyond Borders _From EU to You_ InfoPack general.pdf
Fundacja Rozwoju Społeczeństwa Przedsiębiorczego
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
Jisc
 
PART A. Introduction to Costumer Service
PART A. Introduction to Costumer ServicePART A. Introduction to Costumer Service
PART A. Introduction to Costumer Service
PedroFerreira53928
 
How to Break the cycle of negative Thoughts
How to Break the cycle of negative ThoughtsHow to Break the cycle of negative Thoughts
How to Break the cycle of negative Thoughts
Col Mukteshwar Prasad
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
MysoreMuleSoftMeetup
 
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCECLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
BhavyaRajput3
 
1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx
JosvitaDsouza2
 
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptxMARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
bennyroshan06
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
Thiyagu K
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Thiyagu K
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
Tamralipta Mahavidyalaya
 
Fish and Chips - have they had their chips
Fish and Chips - have they had their chipsFish and Chips - have they had their chips
Fish and Chips - have they had their chips
GeoBlogs
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
Jisc
 

Recently uploaded (20)

Thesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.pptThesis Statement for students diagnonsed withADHD.ppt
Thesis Statement for students diagnonsed withADHD.ppt
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
 
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
aaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
 
The Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdfThe Roman Empire A Historical Colossus.pdf
The Roman Empire A Historical Colossus.pdf
 
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxStudents, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptx
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
 
Introduction to Quality Improvement Essentials
Introduction to Quality Improvement EssentialsIntroduction to Quality Improvement Essentials
Introduction to Quality Improvement Essentials
 
ESC Beyond Borders _From EU to You_ InfoPack general.pdf
ESC Beyond Borders _From EU to You_ InfoPack general.pdfESC Beyond Borders _From EU to You_ InfoPack general.pdf
ESC Beyond Borders _From EU to You_ InfoPack general.pdf
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
 
PART A. Introduction to Costumer Service
PART A. Introduction to Costumer ServicePART A. Introduction to Costumer Service
PART A. Introduction to Costumer Service
 
How to Break the cycle of negative Thoughts
How to Break the cycle of negative ThoughtsHow to Break the cycle of negative Thoughts
How to Break the cycle of negative Thoughts
 
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
Mule 4.6 & Java 17 Upgrade | MuleSoft Mysore Meetup #46
 
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCECLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
CLASS 11 CBSE B.St Project AIDS TO TRADE - INSURANCE
 
1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx
 
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptxMARUTI SUZUKI- A Successful Joint Venture in India.pptx
MARUTI SUZUKI- A Successful Joint Venture in India.pptx
 
Unit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdfUnit 8 - Information and Communication Technology (Paper I).pdf
Unit 8 - Information and Communication Technology (Paper I).pdf
 
Unit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdfUnit 2- Research Aptitude (UGC NET Paper I).pdf
Unit 2- Research Aptitude (UGC NET Paper I).pdf
 
Home assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdfHome assignment II on Spectroscopy 2024 Answers.pdf
Home assignment II on Spectroscopy 2024 Answers.pdf
 
Fish and Chips - have they had their chips
Fish and Chips - have they had their chipsFish and Chips - have they had their chips
Fish and Chips - have they had their chips
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
 

BUSINESS IDEA.pptx

  • 2. The Idea • All good ideas share at least one of three goals: – They make life for the customer easier. (efficiency) – They make life for the customer better. (effectiveness) – They allow the customer to do new things. (innovation) • Example: “If you go to five travel sites, you will be presented with five different offers. Traveling to each site is time-consuming and confusing. We are a discount travel website. We have written software that searches all the other travel sites and collates their price quotas into one report.”
  • 3. Understand Your Idea Have you examined your idea – broadest sense?
  • 4. Idea Type • Type A – New Market • Type B – New Technology • Type C – New Benefit • Type D – Replication
  • 5. Idea Category Description Type A Providing customers with a product or service that does not exist in their market. Product or service exists in other markets but not currently available in your market. Type B New technology centered on providing customers with a new product that does not exist in any market. Type C Provides customers with an improved product. Basically a “me-too” product strategy that provides a “new benefit” not offered by the competition. Type D Replication of existing products. “Me-too” w/no differentiation.
  • 6. 4-6 Sources of New Ideas  Consumers  Informally monitor potential ideas and needs.  Formally arrange for consumers to express their opinions.  Existing Products and Services  Analysis uncovers ways to improve offerings that may result in a new product or service.  Distribution Channels  Channel members can help suggest and market new products.
  • 7. 4-7  Government  New product ideas can come in response to government regulations.  Research and Development Sources of New Ideas (cont.)
  • 8. 4-8 Methods of Generating New Ideas  Focus Groups  A moderator leads a group of 8 to 14 participants through an open, in-depth discussion in a directive or nondirective manner.  An excellent method for generating and screening ideas and concepts.
  • 9. 4-9  Brainstorming  Allows people to be stimulated to greater creativity.  Good ideas emerge when the brainstorming effort focuses on a specific product or market area.  Rules of brainstorming:  No criticism.  Quantity of ideas is desired.  Combinations and improvements of ideas are encouraged. Methods of Generating New Ideas (cont.)
  • 10. 4-10  Brainwriting  A form of written brainstorming.  Participants write their ideas on special forms or cards that circulate within the group. Methods of Generating New Ideas (cont.)