Discussion Question As a partner in a small communications firm, you have notice
ID: 456056 • Letter: D
Question
Discussion Question
As a partner in a small communications firm, you have noticed that your fellow partners and several employees have mentioned new product ideas they felt were worth pursuing, but that none of these ideas have been pursued. Design a formal process to determine if ideas that are presented are worthy of market testing. Include and explain the following:
Likely sources of new product or business ideas
Data gathering and factual analysis
Ability to make creative leaps
Need for fit with organization strengths and goals
Confirmation of commercial viability
Explanation / Answer
May be new products or new ideas can reduce the cost of the production.
Sources of new product :
New product can be generated by Innovating the new product, Modificating the exist product, Acquisition products from other organization. How the organization choose the new product crucial decision taken by business environment. Acquisition the product choosen from the brand value.
Data gathering and factual analysis:
Market factors data should be gathered, make detailed review of market factors such as , Sales revenue, cost and trends for a new product.
Ability to make creative leaps:
Once product ideas or concept had developed make in to a physical product. This physical shape of a product stage considered to be important stage, because it is stage for analysis feasability report.
Need for fit with organization strengths and goals:
New product should meet organization goals.
Confirmation of commercial viability:
Do the product for marketing test, while conducting sales research, simulated test marketing, controlled test marketing.