Idea Generation Process- Entrepreneurship
Idea Generation Process For
NANO: “The People’s Car”
AND
NIKE : “Just Do it”
Stages of Idea Generation Process
Idea
Generation
Idea
Screening
Concept
Development
and Testing
Marketing
Strategy
Business
Analysis
Product
Development
Test
Marketing
Commercialization
Concept Screening*
Test Marketing*
Opportunity Identification
Idea Generation
Concept Development
Product Development
Positioning Development
Commercial-ization
*”Stage Gates”
Marketing Plan Development
A systematic approach that increases the odds of success
1. Idea generations:
1. Companies seek new ideas to enhances the performance of the exiting products and to innovate new ideas. The stages is called idea generations stages. The Major sources of new product ideas include internal sources, customers, competitors, distributors and suppliers. Almost 55% of all new product ideas come from internal sources according to one study. Companies like 3M and Toyota have put in special incentive programs or their employees to come up with workable ideas.Almost 28% of new product ideas come from watching and listening to customers. Customers: About 30% of new product ideas come from analysis of competitors’ products. The company can watch competitors’ ads, press releases and write-ups in the press about their activities. Companies also buy competitors information and pay for industrial espionage.Resellers and others who are close to the market, can often pass on information about new developments. Other sources are trade magazines, shows and seminars, market research firms, government reports, advertising agencies and new product consultants. Employees thought the companies can be sources of ideas. Toyota claims that employee submit two million ideas annually over 85% of which implemented. Companies also find good ideas by researching competitor’s products and services. They can find out what the customers like and dislike about their competitor’s products.ideas can also come from investors. External
NANO: “The People’s Car”
AND
NIKE : “Just Do it”
Stages of Idea Generation Process
Idea
Generation
Idea
Screening
Concept
Development
and Testing
Marketing
Strategy
Business
Analysis
Product
Development
Test
Marketing
Commercialization
Concept Screening*
Test Marketing*
Opportunity Identification
Idea Generation
Concept Development
Product Development
Positioning Development
Commercial-ization
*”Stage Gates”
Marketing Plan Development
A systematic approach that increases the odds of success
1. Idea generations:
1. Companies seek new ideas to enhances the performance of the exiting products and to innovate new ideas. The stages is called idea generations stages. The Major sources of new product ideas include internal sources, customers, competitors, distributors and suppliers. Almost 55% of all new product ideas come from internal sources according to one study. Companies like 3M and Toyota have put in special incentive programs or their employees to come up with workable ideas.Almost 28% of new product ideas come from watching and listening to customers. Customers: About 30% of new product ideas come from analysis of competitors’ products. The company can watch competitors’ ads, press releases and write-ups in the press about their activities. Companies also buy competitors information and pay for industrial espionage.Resellers and others who are close to the market, can often pass on information about new developments. Other sources are trade magazines, shows and seminars, market research firms, government reports, advertising agencies and new product consultants. Employees thought the companies can be sources of ideas. Toyota claims that employee submit two million ideas annually over 85% of which implemented. Companies also find good ideas by researching competitor’s products and services. They can find out what the customers like and dislike about their competitor’s products.ideas can also come from investors. External