Purchase Solution

Sources of new product ideas for the marketplace.

Not what you're looking for?

Ask Custom Question

Ideas for new products can come from a variety of sources. As an example, many organizations even have new product development departments which would be one source. Please discuss at least two sources of new product ideas which a company can use to create new products for the marketplace. Discuss the positive and negative points associated with using each source to support your response.

Purchase this Solution

Solution Summary

The solution examines sources of new product ideas for the marketplace. Development departments for source products are determined.

Solution Preview

In this highly competitive environment, development of new a product is a very complicated task for the organizations to become successful (Peterson, 1988). It is necessary or the organizations to analyze various sources of new product ideas (Kotler, 2002). There are various sources that guide the organization to develop a new product in the market.

Some of these sources are demand and needs of the consumers, trend of the market and consumers, competition in the market, SWOT analysis of a company, employees, trade shows, consumer's behavior and cultural environment, research and development department of the company, corporate spies (Stevens, Winston, Sherwood & Dunn, 1993). An opportunity analysis also helps the company to identify a way ...

Purchase this Solution


Free BrainMass Quizzes
Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Managing the Older Worker

This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce