Stage 2: Idea Generation

At this stage, companies search for new ideas that are compatible with the already setup objectives. During this stage, the product categories and attributes that are of prime interest must be determined. New ideas can be solicited from any potential idea source:

  • • Conducting marketing research to find out the consumers' needs and wants
  • • Inviting suggestions from consumers
  • • Inviting suggestions from employees
  • • Brainstorming suggestions
  • • Searching data in different national and international markets for new-product ideas
  • • Getting feedback from traders
  • • Studying the new products of the competitors, etc.

Stage 3: Idea Screening and Evaluation

The idea screening and evaluation stage provides detailed analysis of all ideas gathered at the previous stage. This analysis is made by the so-called idea committee. This committee studies all the ideas precisely, and as a result, the most promising ideas are selected and all others are eliminated. During that process, the number of generated ideas significantly decreases, and just the ideas possessing the greatest potential for market success proceed.

 
Source
< Prev   CONTENTS   Source   Next >