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Sources of new product ideas for the marketplace.

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.

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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 ...

Solution Summary

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