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Generating Ideas for New Product Development: Strategies and Initiatives

Generating Ideas for New Product Development: Strategies and Initiatives

Pratap Chandra Mandal
Copyright: © 2020 |Volume: 2 |Issue: 1 |Pages: 21
ISSN: 2577-4972|EISSN: 2577-4980|EISBN13: 9781799808930|DOI: 10.4018/IJRDIS.2020010101
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MLA

Mandal, Pratap Chandra. "Generating Ideas for New Product Development: Strategies and Initiatives." IJRDIS vol.2, no.1 2020: pp.1-21. http://doi.org/10.4018/IJRDIS.2020010101

APA

Mandal, P. C. (2020). Generating Ideas for New Product Development: Strategies and Initiatives. International Journal of R&D Innovation Strategy (IJRDIS), 2(1), 1-21. http://doi.org/10.4018/IJRDIS.2020010101

Chicago

Mandal, Pratap Chandra. "Generating Ideas for New Product Development: Strategies and Initiatives," International Journal of R&D Innovation Strategy (IJRDIS) 2, no.1: 1-21. http://doi.org/10.4018/IJRDIS.2020010101

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Abstract

Continual innovation is imperative to sustain competition. Companies require generating innovative product ideas and implementing them. Companies require understanding customer requirements and preferences and doing continual innovation to develop offerings for meeting and exceeding customer expectations. New product ideas may come from varied sources and by applying diverse creativity techniques. Companies generate ideas from both internal and external sources. Internal sources include research and development and employees. External sources include customers, competitors, and various other stakeholders. Companies may adopt creativity techniques like crowdsourcing, brainstorming, role-playing, forming forced relationships, morphological analysis, reversing of assumptions about product usage, mind mapping of individuals, and lateral marketing. Companies require creating and encouraging a culture of innovation to generate ideas, implement them, exceed customer expectations, succeed in the completion, and have long-term growth.