Eight Stages of Idea Generation Essay

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------------------------------------------------- The eight stages[edit] 1. Idea Generation is often called the "NPD" of the NPD process.[1] * Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats). Market and consumer trends, company's R&Ddepartment, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. * Lots of ideas are generated about the new product. Out of these ideas many are implemented. The ideas are generated in many forms. Many reasons are responsible for generation of an idea. * Idea Generation or Brainstorming of new product, service, or store concepts - idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step). 2. Idea Screening * The object is to eliminate unsound concepts prior to devoting resources to them. * The screeners should ask several questions: * Will the customer in the target market benefit from the product? * What is the size and growth forecasts of the market segment / target market? * What is the current or expected competitive pressure for the product idea? * What are the industry sales and market trends the product idea is based on? * Is it technically feasible to manufacture the product? * Will the product be profitable when manufactured and delivered to the customer at the target price? 3. Concept Development and Testing * Develop the marketing and engineering details * Investigate intellectual property issues and search patent databases

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