Idea Generation : The Development Of A Product Will Start With The Concept

The sources of new business ideas come from a variety of places. It could be from a problem that needs to be solved from a consumer, existing knowledge in a business and a vision to improve, or recognizing an alternative use for a new technology. While ideas are plentiful, the ability to bring that idea to fruition, and create a profitable business from it, is much more difficult.

Sol. Q2. A) New Product Development (NPD) is defined as the process of bringing a new product to the market on the Business and Engineering fields. It can be also defined as the process of developing a product for sale from a market opportunity. There are various methodologies to develop a product are:

I made use of morphological analysis that is good for generating alternative solution ideas for the components and subsystems of products. The MET matrix is good for evaluating the potential envi-ronmental impacts of the concept design, although at this stage of development the impacts can only be roughly assessed.

The criteria that may be connected to survey the thoughts are the amount of votes that a thought has in the PC helped voting zone. In that way the Chocoberry Company is including the client with the procedure of ideation making it a crowd sourcing. After a portion of the thoughts are picked, including additionally the Companies "new item advancement" group and the "assembling" group is imperative to twofold check.

- Product Development- product development is composed of existing markets and new products, it occurs when an organisation with a current or existing market undertakes a strategy of creating a new product which provides

The last step is to make sure the product is worth bringing in the market. In order to develop a product that is worth the company’s finances is that it should fit the overall growth strategy of the company. It should also have a sufficient return-on-investment (ROI) to make it worth the cost. Researching the potential earnings and buyers can help in understanding if the sales will be able to satisfy the ROI

In order for a project to be successful the business must take the time and map out every detail of this product to make sure that it doesn’t fail. Projects and new ideas can help a business to get its place in the market, increase sales and maintain the reputation

This paper will cover the following: describe how the proposed business action is an innovative idea, explain the return on investment, create a vision of the idea, assess the resources needed, and assess potential interdepartmental and/or interorganizational relationship necessary to complete the proposal.

New product development is crucial for a business to succeed. Firms that decide to introduce a new product to market must create a product-development strategy. The new offering of a product involves the same steps, but it will also depend on the size of the company and the type of product to decide if the product testing will be necessary before launching to market. The new

At this stage we looked back at all our ideas and evaluate each one Comparing each Idea

Time efficient & Cost effective - eliminate the extra ideas and create the “right idea the first time”

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

The product that will be developed will be new and other companies will take the benefit from the result experience and learning of development of new product.

In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving

2. Idea Screening: Idea screwing is when the actually vetting of the idea takes place and the idea is screened for financial feasibility and process feasibility. It is also screened by using concept testing, focus groups, and in depth testing. Included in this step is also the assessment of investment risk, or the amount of money and time lost if the company invests in a new product and it fails, and opportunity risk, or the risk of missing out of alternative ideas that could be more profitable.