Question

What are the main sources of new-product ideas? Are most new product ideas successful or not? Provide evidence. Is it becoming more difficult to introduce new products or easier due to technological and demographic changes?

Answer 1

answer-

the main sources of new-product ideas are-

Market research is one of the source in which a Company can survey the market and gain insight from customers which helps to provide idea to companies about new products.for example- a customer may say that they want heart rate sensor in their mobile device.

Employees in the company also a great source of ideas for new products. employees can brainstorm new ideas and they would present them to manager. One recent research showed that almost 45% of the ideas come from the employees. Many companies now use web technology to get the ideas from their internal employees.

R&D department of the company is also the source of new product ideas. One recent survey showed that traditional R&D only contribute less than 15% of the ideas of the organization. However the importance of R&D in the organization does not only depend on the idea generation, they also do some other important things.

Competitors are another important source. One can analyze their competitors and can find many things which can be used for idea generation. Researching competitors can give you the idea that which thing you are missing or which thing they are missing, you can decide then what things you need to include in your new product. Remember your competitors are not your enemy, they are your strength .

Distributors works very closely with the market and they know consumer problems and their need. Distributors can give the ideas for new product possibilities. Suppliers can also help with the information of the market like a new concept, technique or materials which can be used for developing new products.

Other idea sources includes outside Consultancies, Design Firms and Online Communities, Trade Magazines, Shows and Seminars, Government agencies, Advertising agencies, Marketing research firms, Universities, Commercial laboratories etc.

No, I do not think that most new product ideas are successful because of lack of support from investors or lack of technology knowledge or lack of imagination because there are ideas which are in the market but lack of fund and resources and lack of tech know how made the unsuccessful like self drive cars are in the market but not yet successful because they are not completely accepted by public because of security and safety issues. self drive also expensive and need Huge investment on R&D which make them unaffordable to huge portion of market.there are millions of new products ideas generated by above sources but not all can be successful like if i have idea of a device which can give access to internet at anytime and anywhere from satalite then it would have government issues, economic issues or technical issues which would let this idea to drop.

I think it is becoming more easier to introduce new product ideas due to technological and demographic changes because technology like internet help people to search ideas, provide videos and movies in which we see many products who are not in reality but could give new ideas to people. Demographic changes like increase rate of old people and health issue in rural area generate the idea of tele medicine so old people can have medical care online in rural areas.