New Idea

5 SOURCES OF NEW IDEAS 1) 2) 3) 4) 5) CONSUMERS EXISTING PRODUCTS AND SERVICES DISTRIBUTION CHANNEL THE FEDERAL GOVERNEMNT RESEARCH AND
H AND DEVELOPMENT
1) CONSUMERS: Potential entrepreneurs should continually pay close attention to potential customers. This attention can take the form of informally monitoring potential ideas and needs or formally arranging for consumers to have an opportunity to express their opinion.
2) EXISTING PRODUCTS AND SERVICES: Potential entrepreneurs should also establish a formal method for monitoring and evaluating competitive products and services in the market. Frequently, this analysis uncovers ways to improve on these offerings that may result in a new product or service that has more market appeal
3) DISTRIBUTION CHANNELS: Members of the distribution channels are also excellent sources for new idea because of their familiarity with the needs of the market.
4) THE FEDERAL GOVERNEMNT: The federal government can be a source of new product ideas in two ways. The files of the Patent Office contain numerous new product possibilities. Although the patents themselves may not be feasible, they can frequently suggest other more marketable product ideas Also, the Government patents Board publishes list of abstracts of thousands of government owned patents. New product ideas can come in response to government regulations.
5) RESEARCH AND DEVELOPMENT:
METHODS OF GENERATING IDEAS 1) FOCUS GROUP: A moderator leads a group of people through an open, in-depth discussion rather than simply asking questions to solicit participant response. For a new product area, the moderator focuses the discussion of the group in either a directive or a nondirective manner. The group of 8 to 14 participants is stimulated by comments from other group members in creatively conceptualizing and developing a new product idea to fulfill market need.
2) Brain Storming: This method allows people to be stimulated to greater creativity by meeting with others and participating in organized group experiences. Although most of the ideas generated from the group have no basis for further development, sometimes a good idea emerges.
When using brainstorming, these 4 rules should be followed A) No criticism is allowed by anyone in the group no negative comments. B) Freewheeling is encouraged the wilder the idea, the better. C) Quantity of ideas is desired: D) Combinations and improvements of ideas are encouraged: Ideas of others can be used to produce still another idea.
3) PROBLEM INVENTORY ANALYSIS: It uses individuals in a manner that is analogous to focus groups to generate new product ideas. However, instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category. Then they are asked to identify and discuss products in this category that have the particular problem.
This method is often effective since it is easier to relate known products to suggested problems and arrive at a new product idea than to generate an entirely new product idea by itself. Problem inventory analysis can also be used to test new product idea.
4) Creative Problem Solving: 5) Reverse Brainstorming: It is similar to brainstorming, except that criticism is allowed. In fact, the technique is based on finding fault by asking the question in how many ways can this idea fail. Since the focus is one the negative aspects of a product , service or idea, care must be taken to maintain the groups morale. This process usually involves the identification of everything wrong with an idea, followed by a discussion of ways to overcome these problems.
6) BRAIN WRITING: It is a form of brainstorming. It was created by Bernd at the end of the 1960s under the name Method 635 and differs from classical brainstorming by giving participants more time to think than in brainstorming sessions, where the ideas are expressed spontaneously. It is silent, written generation of ideas by a group of people. The participants write their ideas n special forms or cards that circulate within the group, which usually consists of six members
Each group member generates and writes down 3 ideas during a five minute period. The form is passed on the adjacent person, who writes down three new ideas, and so on, until each form has passed to all participants. A leader monitors the time intervals and reduce or lengthen the time given to participants according to the needs of the groups. In a variation to this idea-generation method, the participants are located ar their own workplaces and the sheets are rotated by email, in which time intervals can be longer.

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5 SOURCES OF NEW IDEAS 1) 2) 3) 4) 5) CONSUMERS EXISTING PRODUCTS AND SERVICES DISTRIBUTION CHANNEL THE FEDERAL GOVERNEMNT RESEARCH AND

5) RESEARCH AND DEVELOPMENT:

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