A sound idea for a fresh product or service, properly evaluated, is essential to effectively launch a new business. Some of the more used ideas for new entrepreneur include consumers frequently, existing companies, distribution channels, the federal government, and research and development. Consumers- Potential entrepreneurs should pay close attention to the final focal point of a fresh product-the customer.
This can be an informal or formal study of consumers expressing their opinions. Care should be taken to ensure that the idea represents a huge enough market. Existing Companies- Entrepreneurs should set up a formal way for monitoring and evaluating the merchandise and services on the market. This may reveal ways to boost on present products, resulting in new product ideas.
Distribution Channels- Because they are familiar with the needs of the marketplace, channel members often have suggestions for new products. These channel users can assist in marketing the new product as well. Government Offices- The files of the Patent Office contain numerous new product possibilities. The patents can suggest other new product ideas. Several government magazines and organizations are helpful in monitoring patent applications.
- Maslow’s theory of motivation suggests
- Advertising errors
- 10 CAUSES OF the Most Popular Infographics of 2016
- This 15.8% minority share is up from 6.8% in 1982
- Utilises Science and Technology
- Raytheon Company
- Nominal Ownership
New product ideas can be also available in response to government regulations. Research and Development- The largest source for new ideas is the entrepreneur’s own research and development. This is often a formal endeavor connected with one’s current work. Once an idea emerges from idea resources or creative problem solving, they want further development and refinement directly into the final product or service to be offered. This refining process- the merchandise planning and development process are divided into five major stages.
Idea stage, the concept stage, the product development stage, test marketing stage, and commercializing; it result in the merchandise life cycle. At each stage of product planning and development process, requirements for evaluation need to be established. These criteria should be broad, yet quantitative enough to display screen the merchandise in the particular stage of development carefully.
Criteria should be developed to judge the new product in conditions of market opportunity, competition in the marketing system, financial factors, and production factors. A market opportunity and sufficient market demand must exist. Current competing makers, prices, and insurance policies should be evaluated in their effect on market share. The brand-new product should be appropriate for existing management features. The product can be supported by and contribute to the business’s financial structure.